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WOiSELEY'a 


DIVERSE 

DECISIVE 

DYNAMIC 



No. 30,178 


Saturday March 7 1987 



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UK40p. U.S.A.S1.00 
Canada CS1.00 Bermuda 52.50 


Parts for your car 




rerry capsizes 
off Belgium 


tlgw York Stock Exchange starts trading in insults 




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Helicopters and ships were 
to the rescue of more 
laan 500 people aboard a British 
channel ferry • which capsized 
after colliding With the harbour 
wall after leaving Zeehniege, 
Belgium. 

The Herald of Free Enter- 
'pn.se, an S.OOQ-tbu ’ Townsend 
Thoresen ferry, bad. turned on 
its radc, according to early 
reports. Some people had been 
picked from the water by Jieli 
copters. There was no im- 
mediate information, of the 
number of injuries. 

The ferry was carrying 463 


passengers and 55 crew from 
Dover. Belgian coastguards 
said: "We have been in touch 
with a ship in the vicinity and 
the vessel is completely turned 
on its side.” 

The Ministry of Defence said 
the destroyer Glasgow and 
frigate Diomede were on the 
way. Two Royal Navy Sea Kings 
with divers from RAF Cu Id rose 
had been sent to the scene. 
Three Belgian Sea King heli- 
copters were at the scene. 

The vessel was about one to 
two miles from land and the 
weather was calm. 


A TRANSATLANTIC war of 
wqj*fl£?frfDke out yesterday ovpr 
the New York Stock Exchange's 
decision to bar its member 
firms from trading on the 
London Stock Exchange in 
jointly-listed securities during 
the hours New York is open. 

In London, the Stock Exchange 
called it New York counterpart 
“antideluvian.” 

Back in New York, Mr Robert 
Bi mb a uni. the New York Ex- 
change's president, cast doubt 
on whether the London market 
really counted as a stock 
exchange at all. 

Referring to London’s de- 
cision to close its trading door 


and move over entirely to elec- 
tronic trading next year, Mr 
Birnbaura said: “ If the LSE 
doesn't want to be who! a stock 
exchange looks like, feels like 
and smells like, that’s tehir 
business.” 

“ Who wants to look like, 
feel like and smell like some- 
thing neanderthal?” came the 
riposte from London. 

By closing the trading floor. 
London would not fit New 
York’s description of what a 
stock exchange is, Mr Birnbaum 
said. 

NYSE members trading in 
London shares listed in New 
York would therefore be 


operating "over the counter” 
and thus contravening NYSE 
rules if they did so while New 
York was open. 

Some securities houses 
believe the main purpose of 
the rule is to restrict the 
competitive threat from 
more electronically advanced 
exchanges. 

Nasdaq, the US over-the- 
counter market based in Wash- 
ington, has been the New 
York's exchange's traditional 
competitor, but London is now 
also viewed as a potential rival. 

Mr Birnbaum. however, in, 
sisted that New York’s rules 
were needed for investor pro- 


tection. "We think we have 
the best rules in the world and 
the best market in the world.” 

New York’s rules were for 
New York, not London, to 
interpret. 

London pointed out that stock 
exchanges had to adapt to new 
technology. “ Presumbaly at 
some time. New- York started 
using the telephone. How did 
they cope with that ? ** it asked. 

"Presumably he (Mr Birn- 
baum) goes to the shops in a 
pony and trap.” 

Mr Stanislas Yasswkovich, 
chairman of the European arm 
of Merrill Lynch, the New York 
securities house, said -the sug- 


gestion that investor protection 
was somehow inadequate was 
“a red herring" and “slightly 
insulting.” 

He said he thought New 
York’s decision was influenced 
by fears that in the future 
foreign equity trading in 
London would grow rapidly. 

“ It would appear to be 
ogatnst the spirit of reciprocity 
now common in financial 
centres.” he said. It would also 
put Merrill Lynch at a competi- 
tive disadvantage vis-a-vis other 
members of -the LSE. such as 
the US commercial banks, 
Continued on Back Page 


WORLD DEWS 


BUSINESS SUMMARY 


Kinnock acts Ladbroke in 


Labour leader Neil Kinnock 
called for a London meeting of 
party members in a move to 
prevent hard-left Labour coun- 
cillors from damaging his 
party's electoral chances. Back 
Page 

A Gallup poll last night put 
the Conservatives down 1 point 
from before the Greenwich by- 
election to 36.9 per cent. Labour 
dropped 3.8 to 30.fi per -cent 
and the Alliance were op 4J2 
to 30 per cent 


US and Soviet Union Teachers vote to 

in arms breakthrough renew disruption 


in arms breakthrough 



LADBROKE GROUP is asking 
shareholders for - £31)410, in 
Britain's largest rights issue 
since last May. to fund the 
growth of its core businesses. 

The gronp also announced that 
pre-tax profits had advanced 35 
per -cent to £10L3m last year on 
turnover 31 per cent higher. 
Back Page 


BY DAVID BRINDLE, LABOUR CORRESPONDENT 


BY ROGER MAUTHNER IN LONDON AND LIONEL BARBER IN WASHINGTON 


Death Briton to appeal 


Briton Derrick Gregory, of 
Isleworth, Middlesex, is to 
appeal against the death sen- 
tence passed on him by a 
Malaysian court for drug 
trafficking. 


LUCAS CAV, the diesel fuel in- 
jection subsidiary of Lucas In- 
dustries, warned that its factory 
in Finchley, north London, 
might close with the loss of 500 
jobs. 


Reagan’s rating rises 


UK EQUITIES: The FT 
Ordinary Share Index climbed 
from a high at the start of the 
week, although it eased some- 
what during trading on Tues- 
day. On Wednesday the index 
hit an all-time high, but fell 


The US public’s approval of 
President Reagan’s job perform- 
ance rose about 10 points after 
his speech on the Iran arms 
scandal, two TV polls showed. 
CBS said 51 per cent of people 
polled approved of his job ; 
performance against 42 per j 
cent last weekend. ABC’s poD 
put him tip 10 points at 54 per 
cent. 


FT Index 


Labour MEP win 


Labour held on to its Midlands 
West European: Parliamentary 
seat in the . elections last night 
with a win for John Bird, but 
with a greatly reduced majority.' 



THE SOVIET UNION and the 
US said yesterday that there 
had been a breakthrough in 
their arms negotiations in 
Geneva following Mr Mikhail 
Gorbachev's latest offer to 
reach a separate agreement on 
the elimination of medium- 
range missiles in Europe. 

In a statement. President 
Reagan said: 'The level, 
intensity and seriousness of the 
negotiations has brought us 
close to significant reductions 
in nuclear arms.” 

Mr Yuli Vorontsov, chief 
Soviet arms negotiator, told a 
news conference in Paris that 
he expected a treaty on inter- 
mediate nuclear forces (INF) 
to be ready for signature with- 
in three or four months follow- 
ing the latest round of talks in 
Geneva. 

It was announced in Wash- 
ington that Mr George Shultz, 
the US Secretary of State, 
would meet Mr Eduard 


Shevardnadze, his Soviet 
opposite number, in Moscow 
on April 13 to 16. 

Mr Frank Cariucci, Mr 
Reagan's National Security Ad- 
viser, said that progress at the 
Moscow talks may make 
possible a summit meeting later 
this year between President 
Reagan and Mr Gorbachev. 

The groundwork for an agree- 
ment on INF was laid at their 
abortive s ummi t in Reykjavik 
last October. Final agreement 
on a sweeping arms control 
package was blocked at that 
time by Mr Gorbachev’s Insist- 
ence that it should be con- 
ditional on the acceptance by 
the US of curbs on its space- 
based defensive project, the 
Strategic Defence Initiative. 

However, the Soviet leader's 
announcement last Saturday 
that be was prepared to aban- 
don the linkage between cuts 
in medium-range weapons and 
curbs on SDI opened the door 


to a breakthrough in the 
Geneva negotiations. 

After a meeting between 
President Reagan and his 
three top negotiators in Geneva 
at the White House yesterday, 
Mr Cariucci read out the 
statement from the President 
which said that he was *‘ deter- 
mined to maintain the 
momentum ” of the arms talks 
and tbat was why Mr Shultz 
was being sent to Moscow. 

Mr Max Kampelman, head of 
the US negotiating team in 
Geneva, said be believed that 
they had had “ a good shot ” 
at achieving an agreement and 
that substantial progress had 
been made in the talks. I 

However, a cautionary note 
was struck by Mr Maynard 
Glitraan, leader of the INF 
negotiators, who said a lot of 
work still had to be done an 
verification procedures. He also 
stressed that any formal treaty 

Continued os Back Page 


march mr 


in pre- 


at six-month high 
ldeet confidence 


Heroin sentences 


Steven Luben, 36, and Diane 
Feiner, 35. of Paddington, 
London, were jailed at Knighfcs- 
bridge for four years for con- 
spiring to supply heroin to pop 
star Boy George. 


toward the end of the week. On 
Wednesday also the FT-SE 100 
index rose for the first time 
above the 2J)00 mark, closing at 
2,002.7, but it too eased to- 
wards the end of the week. 
London Stock Exchange, Page 
13 


BY JANET BUSH 


Visit ‘provocative’ 

Soviet Embassy said a group 
of Britons, including Tory MP 
Hugh Dykes, was refused visas 
to visit Moscow because mem- 
bers planned to raise the matter 
of Jewish emigration, which 
was "provocative.” 


British Sugar fined 

British Sugar was fin«l £2,100 
at Bury for polluting the River 
Lark, near its Bury St Edmunds, 
Suffolk plant, and JaJiLng 15,000 
fish. 


Vannnu trial postponed 

The trial of former nuclear 
technician Mordecbai Vanunu, 
due to start in Jerusalem on 
Sunday, has been postponed 
after he fired his lawyer. 


Campaigner sues police 

Animal welfare cmnpaiguer 
Angela Waider, 42, of Minster, 
Kent, is suing tlie 
Police for alleged assault and 
battery, wrongful arrest and 
wrongful imprisonment, foRow- 
ine her arrest during a demon- 
straUon at an East Lorxkm 
animal market. 

Transplant patient dies 

to give him * «»« marrow 
transplant, has died. 


ROYAL ORDNANCE: Trafalgar 
House pulled out of the bidding 
to buy the state munitions 
business, leaving three com- 
panies still in contention. 
Royal Ordnance wins m a chine 
gun order. Page 6 

FRENCH Government Is to 
study public telephone ex- 
change equipment made by the 
leading international telecom- 
munications groups bidding for 
CGCT, France’s second largest 
public switch-making group. 
Page 2 

MARGARET THATCHER has 
intervened in the attempt by 
Cable and Wireless, the UK In- 
ternational telecommunications 
group, to enter the Japanese 
market, telling the Japanese 
Prime Minister she regards it 
as a test case of Japan’s willing- 
ness to open up its markets. 
Back Page 

VAUXHAIX MOTORS, UK car 
subsidiary of General Motors 
of the US, is to stop exporting 
cars to tiie Continent at the end 
of the month, only three 
months after it resumed follow- 
ing a seven-year break. Back 
Page 

LEYLAND: (he British Govern- 
ment will have to find £680m 
to write off the accumulated 
debts and rptionalisatiott costs 
at the former state-owned 
Leyland Truck and Ley land 
Bus companies, it was revealed 
in the Commons. Page 4 


STERLING ENDED yesterday 
at its highest level since last 
August, buoyed by confidence 
prior to the Budget on March 17 
and by the Bank of England's 
insistence that it will not allow 
interest rates to be lowered yet 

The pound found consistent 
and heavy buying throughout 
last week and has risen by 
more than 4 per cent since the 
Paris accord between leading 
western nations to stabilise 
currencies on February 22. 

Confidence spilled over into 
the UK Government bond mar- 
ket which saw prices rise a 
dramatic three points over the 
week as domestic and overseas 
investors took cheer from the 
strength of the exchange rate. 

Sterling's trade-weighted 
index ended yesterday at 71.8, 
slightly down on the day’s peak 
of 72.0 which was the highest 
level since August 19 last year, 
but stilt weU up on Thursday’s 
dosing 71.4. 

In London the pound surged 
more than 3 pfennigs to end at 


DM 2.9250 compared with 
Thursday’s closing DM 2.8900. 
It even made ground against the 
US dollar, which was itself quite 
firm, to end at $1.5900 from the 
previous close at $1.5775. 

The British authorities last 
week made strenuous efforts to 
damp down optimism pervading 
financial markets, but largely 
failed. They have been con- 
cerned not to allow market rises 
to get out of hand in the run-up 
to the Budget, partly to ensure 
a favourable response to the 
Chancellor’s package. 

The Bank of England re- 
peatedly signalled to the domes- 
tic money market that it was 
not prepared to sanction a cut 
in base lending rates at this 
stage. 

One sign that the Bank -was 
concerned that the market was 
displaying a lack of control 
was its decision to carry out a 
spot-check late on Thursday into 
the books of discount bouses. 

The Bank normally runs these 
checks on a monthly basis but 


occasionally carries out extra i 
precautionary checks if there is, 
for example, a suspicion that 
houses have been '•overtrading.” 

In taking positions in both 
gilt-edged stock and bills, dis- 
count houses have to act within 
the limits of a complicated 
formula set out by the Bank. 
Unconfirmed reports were cir- 
culating yesterday that some 
bouses may have traded outside 
these limits. 

It is consistent with intense 
speculation of lower interest 
rates that discount houses 
should invest in short-term gilts 
and hold on to short maturity 
bills in substantial amounts in 
anticipation of base rate cuts. 

The Bank's spot-check is 
believed to have been simply 
a function of its regulatory role 
during a volatile period in the 
markets rather than a further 
signal to discount houses to 
** cool off." 


MEMBERS of the two main 
teachers' unions in England 
and Wales will begin another 
series of half-day strikes next 
week after voting four to one 
to resume disruptive action. 

Leaders of the National 
Union of Teachers and the 
National Association of School- 
masters / Union of Women 
Teachers said yesterday tbat 
disruption of state schools 
would continue indefinitely in. 
protest at the Government's im- 
position of a pay and condi- 
tions settlement and abolition 
of direct pay negotiations. 

Mr Kenneth Baker, Educa- 
tion Secretary, appealed to 
teachers last night not to be 
"misled into a return to harm- 
ful and futile disruption.” He 
said only about one-third of the 
400,000-strong profession had 
voted for more action. 

This proportion Is almost 
certain to increase next week, 
however, when the third-biggest 
teaching union the Assistant 
Masters and Mistresses’ Associa- 
tion, concludes its ballot on a 
proposed half-day strike. 

The ballot results declared 
yesterday mean a further exten- 
sion of a pay dispute that began 
in April 1984. Since then, only 
one school term has been free 
of disruptive action by members 
of one or mare of the -onion s. 

The NUT and NAS/UWT bad 
asked their members to “ strike 
and take action short of a 
strike” in protest at the re- 
moval of negotiating rights, the 
imposition of a new employ- 
ment contract. 

Although votes were still 
being counted yesterday, the 
NUT said that by Thursday 
night 92,264 members (79.9 per 
cent of those stating a view) 
had supported further action 
and 23,277 bad voted against. 
Turnout was put provisionally 
at 62 per cent of the union's 
staterschoo] membership. 

The NAS/UWT, which had 
finished its count, said 54,462 


members (85.4 per cent of those 
stating a view) had supported 
action and 9,319 had opposed it. 
Turnout was 57-S per cent. 

The two unions will call on 
all their members in state 
schools to stage a half-day strike 
in the next fortnight. The roll- 
ing programme of stoppages, co- 
inciding with regional rallies, 
will be announced on Monday. 

It has yet to be decided what 
action will follow the strikes, 
but Mr Fred Jarvis, NUT 
general secretary, said the 
unions would inevitably con- 
sider options of working to con- 
tract, refusing to cover for 
absent teachers and boycotting 
the first teacher performance 
appraisal schemes in six educa- 
tion authorities. 

Mr Fred Smithies. NAS/UWT 
general secretary’, warned of 
“very substantial long-running 
trouble in the schools-” He said 
“Even at this late stage, I in- 
vite Mr Baker to read the signs 
set out before him and to decide 
he really must follow a dif- 
ferent path in the interests of 
the pupils in the schools” 

The unions will, however, be 
wary of action which would 
require members to break the 
new employment contract to he 
imposed by the Government, 
specifying for the first time a 
duty to cover for absence, attend 
parents' meetings and prepare 
reports on pupils 
They will also be conscious 
that the ballot turnouts were 
somewhat lower than in 
corresponding votes previously 
and that there was a relatively 
high total of 791 spoiled ballot 
papers, with a further 2.291 
NUT papers said to be “ absten- 
tions.” 

This may reflect discontent 
with the open-ended nature of 
the question on the paper. Mr 
Baker said last night : ** If Mr 
Continued on Back Page 

Clarke moves to heal rifts. 
Back Page 


SWAN LAKE 

Next week, the Royal Ball 
premieres a new production 
Swan Lake — which also mar 
Anthony Dowell’s debut 
artistic director. 

Page I 


FINANCE 


Once-exclusire gold cards o 
noio prolif crating. But tuhti 
are the best? 

Vase VTH 



MOTORING 


The Geneva Show has jv 
opened, and with it comes ti 
world's most costly car. 
Page XIX 


BUSINESS 

BOOKS 

A Weekend FT Specie! Repo 
Pages XV to XVH 


Now 1.0 




Money Markets. Page 13: 
Editorial Comment, Page 8 


Belgian groups in IC Gas offer 


reasons 



BY LUCY KELLAWAY 


MARKETS 


DOLL AR 

j^w~Yarfc lunchtime: 

DM J-S445 . 

FFr 6-137 
SFr 1.555 
Y 153.575 

^DMlisW OS315* 

FFr 6-12 

SFr 1-55 (L544): 

Y 153.40 1153M) 

Dollar lodfXIs 

Tokyo dose Y15 3jg — — - 
|jS~L^ — 
v^tjfFunds 6*5 

IZn* Treats ***■ 

3'IeW: 5.76% 

Lon? Bond 995 

yield. 7f.fr — 


^vssrcSisrApHnsja 

d£‘ S" 7 m075) 

ChM prlco 


STERLING 

New York hmebttae SI .5865 
London: $L59 (1.5775). 

DM 2.925 (2.89) 

FFr 9.73 (9.615) 

SFr 2.465 (2.435 )i 
Y244.0 (241.75) _ 

Sterling index 71.S ,(71.4) 
LONDON MONEY 
3-month interbank: 
closing rate 10 A % (same) 
north's £A OIL . 

Brent 15-day March (Argus). 

SI 7.45 ($17.25) 

STOCK INDICES 
FT Ord 1,601-4 (-0.6) 

FT-A Ail Share 90S .38 f— 0J2%) 
FT-SE 300 1.99&3 (-4.6) 

FT- A long pit yield index: 

High coupon 9.29 (0.35), 

New York lunchtime: 

DJ Ind Av 2^73.48 (-2.95) 

Nikkei 21,305.85 (-70.18), 
ynxurtmy. Back Peg* 


TWO OF Belgium’s largest 
financial and industrial groups 
have launched a partial tender 
offer for Imperial Continental 
Gas in a surprise counter to a 
similar offer mounted on Mon- 
day by SHV, a private Dutch 
company. 

Tractebel, one of Belgiums 
largest holding companies, and 
Groupe Bruxelles Lambert, 
international investment group, 
are offering to pay 710p per 
share, valuing the whole of IC 
Gas at slightly more than ilbn. 
This compares with the 700p 
offer valuing the company, at 
just less than flbn, already on 
the table from SHV. 

The Belgian companies have 
built a 14.95 per cent stake in 
1C Gas over the past year and 
are tendering for a further 14.3 
per cent, to take their stake to 
29.3 per cent. 

Yesterday’s offer caught both 
IC Gas and SHV by surprise. 
N M Rothschild, merchant bank 


and SUV’s adviser, said It was 
too early to say how the com- 
pany would react IC Gas 
promised a statement on 
Monday. 

Both offers were prompted 
by a plan, spelt out formally 
last Friday, to divide IC Gas 
into two, the Calor Group and 
Conti bel Holdings, which will 
contain the IC Gas’s Belgian 
investments. 

Tractebel and the Groupe 
Bruxelles Lambert are pri- 
marily interested in obtaining 
a stake in the Belgian port- 
folio. Both companies are 
Important investors in the 
same stocks tbat Contibel holds, 
and together they own 18 per 
cent of Petrolifan, the Belgian 
energy group, in which Con- 
tjbel has a 7.2 per cent interest. 

Mr Christopher Kemball of 
Dillon Read, investment bank 
and adviser to the Belgian com- 
panies said the tender was “pre- 


emptive action to prevent Con- 
tibel from falling into the i 
wrong hands.” 

He would not comment on 
the group’s plans for Calor, nor 
on the likelihood of a fuD offer 
for either Contibel or IC Gas 1 
being launched. 

SHV said on Monday that its , 
interest was in Calor which 1 
overlaps with SHVs own Iique- 1 
fied petroleum gas business, 
and said it had agreed to sell 
the Contibel shares if its 1 
tender succeeded. 

Apart from the higher price, 
the new offer has been struc- 
tured to match the SHV tender, , 
which is for 23 per cent of the 
shares, and is the largest ■■ 
tender made in the UK. 

Both tenders contain a top- 1 
up provision compensating in- ; 
vestors who accept the tender 
in the event of a full offer 
being made for IC Gas or \ 
either of its two components. 

Lex, Baek Page 1 


CONTENTS 


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Man in the news: Ronald Reagan ... S city s rand 
Papua New Guinea; war dance on the rarely seen 
■mountain of gold 8 

Editorial comment: now see who’s com- 

petitive 8 is not the t 


City’s fund management row: herd, but 
rarely seen 9 


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Financial Times Saturday March '7 19S’ 




OVERSEAS NEWS 


French to 


John Elliott in New Delhi reports on fresh claims that Islamabad has developed an N-weapon 


conduct new 
tests for 
CGCT bids 


Net closes in on Pakistan’s nuclear capabilities 


?y>* 

- - .. 




By Paul Betts In Paris 


THE FRENCH Government [s 
to conduct new tests on the 
equipment manufactured by 
the telecommunications 

groups bidding for control of 
Compagnle Generate de Con- 
structions Teiephoniques 
(CGCT) before deciding 
which is to take over France's 
second-largest public switch 
manufacturing group. 

The move, disclosed yester- 
day, is seen as an effort to 
pre-empt public criticism oF 
the decision, due before the 
end of April. 

- AT&T of the US in partner- 
ship with Philips and SAT of 
France Is competing for con- 
trol of CGCT against Siemens 
of West Germany and its 
French partner Jeomont- 
Schneider, Northern Telecom 
of Canada, and Ericsson of 
Sweden which has linked up 
with Matra and Bouygues of 
France. Tbe Italian Italtel 
group is also bidding but is 
given little chance. 

Under lobbying from the 
US and West German admini- 
strations supporting their 
candidates, the French 


A SERIES of events on one of 
Pakistan's leading English 
language newspapers, culminat- 
ing in the sudden resignation 
of the editor, has this week 
focused international attention 
more than ever before on the 
possibility that Pakistan has 
achieved its aim of developing 
a nuclear weapon. 

This follows the disclosure a 
week ago by Dr Abdul Qadar 
Khan, Pakistan's leading 
nuclear scientist, that his 
country has a nuclear bomb. 
He said that while Pakistan 
does not want to use it. “ if 
driven to the wall there will 
be no option left.” 

His claims, subsequently 
officially denied in Pakistan, 
come at a time when Indo- 
Pakistan border relations have 
been at their most unstable for 
several years, and when the 
US Congress is debating a new 
$4bn (£2.6bn) package of 
economic and defence aid for 
the countiy- 

If true, they could escalate 
nuclear proliferation on the 
Indian subcontinent because 
there is widespread and grow- 
ing support in India, which 
exploded what it euphemistic- 
ally called a “peaceful nuclear 
device'* in 1974, openly to re- 


embark on a nuclear weapons 
programme. Mr Rajiv Gandhi, 
the Indian Prime Minister, has 
warned about this in the past 
and this week said India would 
do everything necessary to 
defend itself. 

Dr Khan has made other 
claims about Pakistan's nuclear 
capability in the past. His 
latest remarks, as reported last 
Sunday by Mr Kuldip Nayar, a 
distinguished Indian journalist, 
in the Observer of London and 
a Canadian and Hong Kong 
newspaper, may also bave been 
sidelined as yet another in an 
unconfirmed series of claims 
about Pakistan's nuclear capa- 
bility. 

; But tbe story has been given 
a new and controversial credi- 
bility which means it cannot 
be so easily dismissed. Mr 
Mushahid Hussein, 38-yea r-old 
editor of tbe English-language 
Muslim newspaper, who organ- 
ised the interview and accom- 
panied Mr Nayar, ran the same 
story in his paper. 

He then wrote an editorial 
which said it was time Pakistan 
openly admitted its nuclear 
capacity. “For too long the 
Government here has been 
denying what is obvious to 
most,” he declared. After some 
later self-contradictory state- 


MEMJBERS OF Pakistani and 
Indian communities this week 
staged separate demonstra- 
tions in Washington and took 
different positions on the sale 
of US Awac radar aircraft to 
Pakistan, AP reports from 
Washington. 

The rallies were held as 
hearings were under way in 
Congress on a related 
question: the issue of whether 
Pakistan has developed an 
atomic bomb, which tinder US 
law could bar it from US aid. 

Police said about 450 people 


demonstrated against the sale 
of US Awac aircraft to 
Pakistan, while about 650 
demonstrated for the sale. 

Dr Prasad Chalsani, an 
Indian organiser of one 
demonstration circulated 
copies of an open letter saying 
the sale 44 could delay the 
announced departure of 
Soviet troops from 
Afghanistan.” Peace in the 
region could be better pro- 
moted If tbe US worked 
“ toward building genuine 
democracy in Pakistan.” 


meets, he resigned on Thurs- 
day. 

During the week there have 
been claims and counter-claims 
about whether the interview 
was pre-planned, whether it was 
merely a tea-time chat, and 
what was said. Reports from 
Islamabad insist that Dr Khan 
says he was tricked into giving 
tbe alleged interview because 
Mr Nayar was taken without 
permission to Dr Khan's bouse 
by Mr Hussein who was deliver- 
ing an invitation to bis wedding 
ceremony. 

Mr Nayar however stands by 
his reports and his words. 


backed by Mr Hussein's writ- 
ings, have more credibility. He 
says tbe interview was planned 
well in advance, in response to 
repeated requests he bad made 
to meet Dr Khan over a number 
of years. He says it lasted over 
an hour and the nuclear issue 
took up virtually all the time. 

Dr Khan lives in a closely 
guarded house in wooded 
grounds outside Islamabad and 
could presumably only be met 
by someone cleared by security 
guards. This suggests that tbe 
meeting was known about in 
some section of the Pakistan 
establishment. 


“I do not believe the inter- 
view was. given without the OK 
from someone high up,” says 
Mr Nayar. ** Dr Kb an could not 
have given it without someone 
knowing because the place is 
littered with intelligence 
people. So I personally ' think 
it was an intentional leak.” 

The argument against it being 
a leak is that it- goes . against 
Pakistan's stated peaceful- 
nuclear development policy and 
against its interests because 
proof of a nuclear weapons 
capability could stop the US 
granting the new five-year 
tranche of aid. 

But there is a strong lobby in 
Pakistan — including scientists 
like Dr Khan, top army officers, 
and Mr Hussein — which be- 
lieves it should be open about 
its nuclear capability. They want 
the same sort of respect that 
Iran is now winning from the 
US as a nation to be reckoned 
with. 

Some observers be! jew that 
President Zia uI-Haq may belong 
to this group. It is even pos- 
sible he knew about the inters 
view in advance, without telling 
Mr Mohammed Khan Jonejo, his 
Prime Minister, who is now hav- 
ing publicly to handle the politi- 
cal spin-off. If such a view is 


correct Mr Hussein's job may 
have been tbe sacrifice made by 
the group to enable the Govern- 
ment to save face. 

If that theory Fs true, the in- 
terview was probably : aimed 
primarily at warning- India 
because it was given on January 
28 when the Ihdo-Pakistan 
border confrontation was at its. 
height Mr Nayar’s other com- 
mitments, .and the. Observer's 
need for time to sell the inter--, 
view elsewhere, delayed publi- 
cation until last Sunday. This 
has caused it to be read in the 
contest of the US Administra- 
tion notifying congress of Its in- 
tention to amend its foreign aid 
legislation — known as the 
Symington Amendment — to 

allow support to be given to 
countries with, un-safe guarded 
nuclear equipment 

Proof -of a bomb could upset 
this US Administration line. 
But Dr Khan and his com- 
patriots probably calculate that 
Pakistan is so important to the 
US because of the Soviet occu- 
pation of Afghanistan, and be- 
cause of broader strategic 
issues, that it would still get 
the economic aid and advanced 
weaponry it has been prom- 
ised. 

Of course Dr Khan's reported 




? V:- i 




I 


Zia - — did he inspire the leak? 


remarks do not prove anything. 
It is still not known, -whether 
Pakistan actually has just one 
unsophisticated nuclear device 
ready or several fully developed 
bombs, nor whether ft has the 
necessary sophisticated' capa- 
bility to deliver them. But the 
events- of this week have under- 
mined the credibility of both 
Pakistan’s nuclear denials and 
US attempts to turn a blind eye. 


Government is anxious to 
demonstrate that its choice 
will be based on objective 
' technical grounds and not on 
political ones. 

It has decided to test again 
the current public switch 
equipment and technology oF 
AT&T. Siemens, Ericsson and 
Northern Telecom to see 
which would he best suited 
to act as a second source of 
public switches to the French 
telecommunications authority. 
Direction Generate des Tele- 
communications EGT. 

The switch chosen would 
become the second source to 
the public exchange systems 
supplied by Alcatel, the tele- 
communications subsidiary of 
France’s Compagnle Generate 
d'Eleetriefte (CGE). 

The French authorities, 
however, have decided not to 
test again Italtel's equipment 
This reflects the view that 
the Italian bid is not 
regarded as promising. 

The frontrunners in the 18- 
month -long battle are con- 
sidered to be AT&T, Siemens 
and Ericsson with Northern 
Telecom a strong outsider. 

The French Government 
intends to shed ownership of 
the nationalised CGCT group 
for FFr 500m (£53m) to a 
French-dominated consortium 
linking French interests with 
one of the leading inter- 
national telecommunications 
equipment makers. It is 
widely assumed, however, 
that the international group 
chosen wit! ultimately 
manage CGOT, the former 
French subsidiary of ITT 
nationalised by the Socialists 
in 1982. 

The stakes are high 
because the successful candi- 
date will gain access to about 
16 per cent of the French 
public switch market with the 
possibility of increasing it. 

Although AT&T was first 
off the mark In seeking to 
gain control of CGCT with its 
European partner Philips, it 
has faced an increasingly 
strong challenge frefn 

Siemens and Ericsson. 

The affair has also split the 
French Government with the 
AT&T bid favoured by tbe 
DGT, Mr Gerard Looguet, the 
Telecommunications Minister, 
and Mr Alain Madelin, the 
Industry Minister. The 

Siements solution is supported 
by some members in the 
Prime Minister’s office and in 
the Finance Ministry. 


Black retailers offered shares 


BY JIM JONES IN JOHANNESBURG 


ABOUT 8,000 black South 
African retailer* are to ftp 
offered shares in Coco-Cola's 
former soft drinks bottling busi- 
ness with the American com- 
pany's disinvestment f rom 
South Africa. 

It is the first attempt by a 
disinvesting American firm to 
ensure that black South 
Africans acquire direct stakes 
in the local operation. 

The retailers are being 
offered 10 per cent of Amalgam- 
ated Beverage Industries (ABI) 
for about RIOm (£3m). Until its 
disinvestment late last year 


Coca-Cola owned 30 per cent of 
ABI, which is the largest dis- 
tributor of soft drinks in the 
Johannesburg. Pretoria and 
Durban areas. 

As an interim measure while 
seeking a means for black 
shareholder participation Coca- 
Cola transferred its ABI share- 
holding to National Beverage 
Services (NBS), a newly-formed 
holding compnay. 

The offer has been made pos- 
sible by South African 
Breweries (SAB) and Cadbury 
Schweppes waiving pre-emptive 
rights to Coca-Cola’s ABI shares 


SAB will, however, increase 
its ABI shareholding from 55 
per cent to 70 per cent while 
Cadswep will raise its holding 
from 15 per cent to 19 per cent. 
The remaining 1 per cent of 
ABI's equity is to be offered to 
ABI's 3,500 employees. 

Mr Peter Lloyd, ABTs chair- 
man, says the sale will take some 
time to complete. Many of the 
retailers run small businesses 
and are not familiar with share 
ownership. The company is pre- 
paring an information pro- 
gramme for the prospective new 
shareholders. 


Coca-Cola has closed its South 
African concentrate plant and is 
building another in Swaziland. 
Like its South African pre- 
decessor, the Swazi plant will be 
the principal supplier of con- 
centrates to all countries in the 
subcontinent and as far north 
as Zambia and Malawi. 

Mr Fred Meyer, Coca-Cola's 
chief executive in South Africa, 
says selling shares in the con- 
centrate plant could have put 
product formula secrets at risk. 
The Swazi plant, like others 
around the world, will be 
wholly-owned by Coca-Cola. 


Syria, Iran 
at odds over 
Beirut policy 


Stoppages by quality 
control officers cat 


By Our Middle East Staff 


Greece moves to take control of oil group 


BY ANDR1ANA IERODUACONOU IN ATHENS 


GREECE'S Socialist Govern- 
ment yesterday tabled a bill 
permitting the State to assume 
control of NAPC, tbe inter- 
national consortium developing 
offshore oil deposits in the 
north Aegean Sea. with or with- 
out the agreement of the 
interested foreign company. 

The Government’s original 
announcement of a planned 
State take-over of NAPC last 
month took the consortium by 


surprise. It provoked tbe 
furious reaction of Denison 
Mines of Toronto, the leading 
company in the consortium, 
which has said it is not willing 
to sell its interest . 

NAPC is the largest foreign 
investment in Greece with an 
original project cost of $700m. 

Yesterday’s bill provides for 
two months' of “free negotia- 
tions” which may be extended 
at the Government's discretion. 


for the Government's purchase 
of part or the whole of their 
share in NAPC. In the absence 
of negotiations, the bill mows 
the compulsory state take-over 
of 51 per cent of the NAPC 
shares. 

As soon as the bill becomes 
law, all oil exploration in the 
Aegean must be halted. Denison 
has said that it intends to start 
drilling for oil 10 miles east of 
the island of Thassos by 


April 1. 

The NAPC affair has revived 
frictions between Greece and 
Turkey, which are locked in a 
dispute over continental shelf 
rights in the Aegean. 

Ankara warned Greece this 
week not to explore for oil 
beyond its six-mile territorial 
waters limit '* otherwise Turkey 
will ‘take the necessary 
measures to safeguard its rights 
and interests in the Aegean.” 


Venezuelan utility warns of bankruptcy 


BY JO MANN IN CARACAS 


A SERIOUS rift between Syria 
and Iran, allies against Iraq in 
the Gulf conflict, was clearly in- 
dicated' yesterday by the un- 
expected arrival in Damascus of 
Mr Mohtasbe mi-Pour, Iran’s 
Minister of the Interior. 

His arrival followed the 
Iranian leadership criticism of 
the killing on February 24 of 
33 militant Hizbullah (“Party 
of God”) Shi’ites by Syrian 
troops after their occupation 
of West Beirut.' 

Two days later in a little- 
noticed broadcast by Radio 
Monte Carlo President Hafez al 
Assad of Syria was quoted as 
saying that all Arabs would 
unite against Iran if Basrah fell 
to the Iranians. 

Western diplomats believe 
that the statement attributed to 
him by a station respected in 
the Arab world was prompted 
by a looming confrontation be- 
tween the Syrian array in its 
efforts to suppress the militias 
in West Beirut and. the Iranian- 
inspired extremists of Hizbollah. 

Syria has shown signs of 
mounting concern about tbe in- 
creasing influence of Shi’ite 
militants in Lebanon com- 
mitted to the establishment of 
an Islamic Republic in direct 
confrontation with Israel. For 
its part Iran is committed fully 
to its protege. 

Tehran dispatched Mr Ali 


Soviet production 


BY PATRICK COCJGBURN 


THE introduction of strict 
Soviet quality controls at 1,500 
machine building enterprises 
from the start of this year 
stopped 60 per cent of : them 
from fulfilling their production 
targets for January, the state 
news agency Tass reported yes- 
terday. 

This confirms reports that the 
work of the Gospriomka, the 
new centrally controlled state 
quality control organisation and 
a central element m the Krem- 
lin's plans for better technology 
in industry, was largely respon- 
sible for a drop of 7.9 per cent 
in the output of the Soviet 
machine building industry in 
January compared to the figure / 
for January 1986. 

Production lines at the Kamaz 
heavy truck plant and Gomsel- . 
mash enterprise producing 
fodder’ harvesting machinery- 
were among- those stopped 
several times during the winter 
at the insistence of quality con- 
trol inspectors. 

“Without such stoppages there 
will be no improvement,” Mr 
Georgy Kolmogorov, chairman 
of the USSR state committee for 


standards, said. He Is. in charge 
of the new state quality control 
system: '1 

About 50 per cent . of total 
industrial output and 60 per- 
cent of machine building is now 
checked by state quality control 
inspectors before it leaves the’ 
factory in bad to reduce the pro- 
duction of poor quality goods. 

Last month Mr Boris Yeltsin, 
the Communis tr Party diM.fot 
Moscow, said that 23 out of .59 
enterprises where Gospriomfca-is 
working in the capital bad failed 
to meet their targets in January. 

The new organisation is also 
in charge of reorganising work 
to remedy flaws. Greater empha- 
sis on relating pay to produo-, 
tivltv is intended to give the 
labour force an incentive . 

• Mr Yevgeny Kandratkov, the 
former Light Industries Minister 
-in the Russian Federation, has 
been sentenced, to yearsnitt 
a labour camp for corruption, 
according to the dally Socialist 
Industry. It said that bribery; 
patronage, servility and mer- 
cenary spirit had grown -in the 
Ministry of Light Industry while 
he headed it 


VENEZUELA’S largest private 
sector company. La EJectricidad 
de Caracas, warned yesterday 
that it will be forced into 
bankruptcy by 1990 unless tbe 
Government agrees to allow 
substantial increases in its 
electric power rates. 

Mr Francisco Aguerrevere, 
said that his utility's ability to 
repay $622m (£406m) in foreign 
debt would be seriously im- 
paired unless rate increases of 
up to 63 per cent were put into 
effect this year. 

Le Electricidad. which sup- 
plies electric power to tbe 
Caracas metropolitan area, is 


considered one of tbe most 
efficient private companies in 
Latin America, but it bas been 
hit hard by successive devalua- 
tions of the local currency due 
to its large foreign debt. 

Tbe Government, which 
decides on all rate increases 
for utilities, granted La Elec- 
tricidad a 30 per cent general 
rate increase from January 1 
this year, but is very reluctant 
to permit further rises 

The electric company had 
sales totalling 8158.6m in 1986 
and showed a net profit of 
$19Bm. But the company says 
that following devaluations of 


the Venezuelan bolivar last 
year, its heavy foreign debt 
service will produce major 
financial losses and will push 
tbe company into bankruptcy by 
the end of tbe decade. If rates 
are not increased the company 
projects total losses of over 
Bolivars 3bn (£137m) for the 
1987-1\SS9 period. 

For many years La Electrici- 
dad earned solid profits and was 
considered a prime blue chip 
company on the Caracas stock 
exchange. But today it Is pay- 
ing penalty fees mi part of its 
foreign debt since it is behind 
on principal payments. 


The company bas not been 
able to repay principal because 
the Government ordered the 
central bank not to disburse 
funds for these payments untii 
terms of a new foreign exchange 
agreement are worked out. 

In another announcement, Mr 
Manei Azpurua, Venezuela's 
Minister of Finance, said the 
Government and international 
banks have reached a tentative 
agreement to reschedule 8300m 
in foreign obligations owed by 
the Banco de los Trabajadores 
(Venezuelan Workers’ Bank), a 
govemmezut-controHed institu- 
tion. 


Akhbar Velayati, Foreign Minis- 
ter, and Mr Modsen Rafiq-Dost, 
Revolutionary Guards Minister, 
for talks in Damascus the day 
after the Syrian intervention. 
They apparently left just prior 
to the clash at thp Fathallah 
headquarters of HizboHah in 
the Basfa district of West 
Beirut where a number of Wes- 
tern hostages were believed to 
have been held, which resulted 
in the 23 Hizbollah deaths. 

The arrival of the Syrian In- j 
terror Minister may have been 
promntPd hy the growing ex- 
pectation that Syrian troops 
will move against the soutbem 
suburbs of Beirut where Hiz- 
bollah’s armed followers are 
concentrated. 


Bonn increases 


tax cut by 
DM 5.2bn 


Jamaica and Paris Club 
agree rescheduling deal 


US unemployment steady 
at 6.7% in February 


Lack of revolutionaries in 
USSR, says folk singer 


BY OUR FOREIGN STAFF 


Shultz backs 
Korea elections 


ONE of the Soviet Union’s most 
popular folk singers said yes- 
terday that his country was go- 
ing through a cultural revolu- 
tion but lacked revolutionaries, 
Renter reports from West 
Berlin. 

Mr Bulat Okudzhava said he 
was less optimistic about liber- 
alisation under Soviet leader 
Mikhail Gorbachev than many 
colleagues. 

“Some believe we have al- 
ready solved the problems, but 
what we have is only a new 
tendency . . . We bave in the 
past already seen attempts to 
get the country out of its diffi- 
cult position and unfortunately 
hese ended satfly," Mr 
Okudzhava said. 

“ W see a revoluion going on. 


but we have a lack of revolu- 
tionaries to carry it out,” he 
added. 

“In general, society is badly 
prepared ... But I hope the 
process continues and takes a 
deeper root," he said. ' . 

Mr Yclem Klimov, reforming 
head of the Soviet Film makerc 
Union, said he was more opti- 
mistic that the relaxation of 
censorship would survive. 

“ I could say that in 209 years 
of Russian history, there has 
never been such a relationship 
of goodwill between artistes and 
the authorities,” he said. 

The artistes are among a 
number of Soviet artistes .... in 
West Berlin this weekend to 
explain new trends in Soviet 
culture. _ 


BY GEORGE GRAHAM IN PARIS 


BY LIONEL BARBER IN WASHINGTON 


By Peter Bruce in Bonn 


THE West German Govern- 
ment decided yesterday to 
Increase a planned DM flbn 
- tax cat next January by a 
further DM 5.21m In an effort 
to boost economic growth and 
to meet a commitment made 
last month In Paris to Its 
major Western trading 
partners. 

The three parties in Chan- 
cellor Helmut Kohl's coalition 
settled on the increase during 
post election policy talks in 
the Cbancellry. 

The extra DM 5Jtira Is being 
brought forward from the DM 
44.3 bn in gross tax cuts that 
the Government wants to 
make as part of a major tax 
reform in 1990. 

Government officials said 
yesterday that DM Ldbn of 
the extra money would be 
raised by increasing basic tax 
allowances. Some DM 300m 
would accrue from an 
increased education allowance 
and a farther DM 500m from 
increasing special deprecia- 
tion allowances for small 
businesses. 

Tbe remaining DM 3 bn loss 
in tax revenue would result 
from a further “flattening" 
nf tbe country’s steep income 
tax curve. 

Yesterday’s talks completed 
a lengthy series of policy dis- 
cussions between the coalition 
partners. Next week they 
plan to discuss the distribu- 
tion of Cabinet posts, although 
this will have to he done 
quickly as Mr Kohl is 
scheduled to be formally re- 
elected as Chancellor on 
March 11. ; 

\ 


JAMAICA has won a reschedul- 
ing agreement for $25.5m of its 
official foreign debt from the 
Paris Club, tbe group of credi- 
tor nations which renegotiates 
official government-to-govem- 
meot loans. 

Mr Edward Seaga. Jamaica’s 
Prime Minister, said the re- 
scheduling would allow the 
country to release funds for 
increased spending on social 
programmes. 

The Jamaican delegation led 
by Mr Seaga will travel to New 


York on Monday to meet tbe 
consultative committee which 
represents commercial banks 
in debt renegotiations with tbe 
country. Jamaica's total debt 
is estimated at $3.2bn. 

Under the Paris Club agree- 
ment arrears due in the past , 
nine months of 1986 will be re- 
scheduled over six years with 
a grace period of two and a 
half years. Payments due this 
year and in the first three 
months of 1988 will be spread 
over 10 years with a grace 
period of five and a half years. 


US UNEMPLOYMENT held 
steady at 6.7 per cent in Feb- 
ruary for the third straight 
month the Labor Department 
reported yesterday. 

Manu f acturing employment a 
key political issue in the light 
of protectionist trade pressures 
in Congress, rose by 50,000. 
Tbe department said this was 
in large part due to strikes end- 
ing in tbe steel sector and 
wanner weather causing more 
construction workers to be 
hired than usual. 

In the service sector a 


smaller number of hirings for 
tbe Christmas season meant 
there were fewer people to lay 
off in January. These two varia- 
tions accounted for 300,000 of 
the 374,000 increase in jobs last 
month the department said. 

The figures are generally in- 
conclusive about the strength 
of the US economy but they 
show a big jump in the number 
of people in part-time employ- 
ment up 275,000 in February lo 
5.58 m. 

Overall 7.97m people were 
out of work last month. 


MR GEORGE SHULTZ, the US 
Secretary of State, said yester- 
day that Washington supported 
South Korean aspirations for 
free and fair elections and res- 
pect for human rights. 

Speaking at a news confer- 
ence during a short stopover on 
his way back from China, Mr 
Shultz said the US Was in 
favour of moderation and non- 
violent change in the Country- 
President Cbua Doo Hwan, who 
took power in a military coup 
in 1980, had an historic oppor- 
tunity to transfer power peace- 
fully for the first time in. the 
country’s history, he said. 


Belgium t 
s spending 


BELGIUM, AFTER making big signed to cut 1987 state spend- 
state spending cuts in spite of ing by BFr 195bn (£3.3bn). 


SS"*! But i, favours - neW cots to 


**“5 BFr M trillion (minion 


. , Given, taxes already among 

An IMF team was in Belgium West Europe's highest it "says 
recentiy and its report, avail- that "your position would be 


Thatcher throws her weight behind C & W 


mm - J — m r ****** juui HUOlUUu wuiua pc 

able yesterday, praises steps de- stronger if you could decide On 
* ■— rather sharp expenditure reduc- 


tions in 1988.” 

The centre-right coalition 
would, face considerable risk in' 
accepting . such advice. ; L 


MRS THATCHER'S interven- 
tion in the increasingly complex 
manoeuvres over who is to 
supply Japan's second inter- 
national telecommunications 
service has come at just the 
right time for Cable and Wire- 
less, the UK telecoms group 
which is a leading member of 
IDC. one of tbe two consortia 
bidding for the franchise. 

Both consortia have now com- 
pleted their feasibility studies. 
IDC members are convinced 
(hat the outcome, which may 
not be known till the summer, 
will now be determined as 
much by political lobbying, as 
by the technical merits of each 
bid. 

Aq earlier attempt hy Mr 
Paul Channon, Trade and 
Industry Secretary, to beat the 
drum in Tokyo on behalf of 
foreign participation was widely 
seen as Ineffectual. Hence, the 
importance which IDC members 


Ian Rodger and David Thomas analyse efforts to win Tokyo deal 


are attaching to the fact that 
Mrs Thatcher is watching the 
outcome very closely. 

On the one side, many Japa- 
nese groups are pressing for a 
merger of the two contestants 
and the virtual removal of C and 
W as an active partner in the 
merged venture. 

Discussions among the lead- 
ing shareholders of both con- 
sortia, but excluding C and W, 
are to be held next Tuesday. 

Toyota, the Japanese motor 
group, may play a crucial role 
in deciding the outcome. Toyota, 
a shareholder in both groups, 
is apparently having difficulty 
deciding whether or not to sup- 
port the merger proposal or to 
continue to back the more inde- 
pendent group in which C and W 
is a participant. 

The laest merger proposal, 
advanced by Mr Fumio Wan- 


nabe. a leading businessman 
enlisted by shareholders of both 
consortiums, would see C and 
Ws share reduced to 3 per cent. 
It bas 20 per cent in the [DC 
consortium. 

On the other side, British 
Government officials have 
pressed the Ministry of Pos*s 
and Telecommunications (MPT) 
to consider the two propusols 
separately and objectively. 

" I would like to see a fair 
evaluation of that (IDC) bid 
because 1 think it wou<d win.” 
Mr Robert Priddle, an under- 
secretary in the UK Department 
of Trade and Industry with 
responsibility for telecommuni- 
cations, said in Tokyo yesterday. 

Mr Priddle has just com- 
pleted two days of talks with 
MPT officials on a variety of 
telecoms issues. He argued that 
the £DC proposal offered real 


competition, unlike its rival. 

Mr Priddle said the UK 
Government bad the impression 
that “ successive obstacles ’’ 
were being placed in the way 
of the IDC proposal. 

He has been assured by Mr 
Shunjiro Kurosawa, the MPT 
minister, that the principle of 
foreign participation was not a 
problem and he was able lo 
assure MPT officials that C and 
W would not have control of 
the IDC consortium. 

However, the ministry re- 
mained opposed to the partici- 
pation of a foreign telecoms 
carrier in this business, for 
reasons that were “not adequa- 
tely justified or explained.” 
according to Mr Priddle. Also, 
the process by which the con- 
sortiums were being evaluated 
did not see into be open and 
competitive. He said he “ parti* 


cularly valued ” an assurance 
that MPT was not directing the 
effort to amalgamate the two 
groups. 

There have been suggestions, 
which Mr Priddle acknowledged 
having heard, that MPT has a 
vested interest in seeing KDD, 
the present monopoly supplier 
of international communications 
in Japan, remain the dominent 
force in this sector partly 
because many senior MPT civil 
servants go to work at KDD in 
their retirement. 

He then nought an assurance 
that iT the terms of amal- 
gamation were unacceptable to 
one of ihe groups MPT would 
he prepared to accept appli- 
cations from both croups. He 
said the MPT declined to give 
such an assurance. 

Mr Priddle parried a number 
of questions from Japanese 


reporters pointing out the lack 
of foreign participation in the 
international telecoms sector in 
other developed countries and 
wondering why Japan should 
differ. 

He said that both the Japa- 
nese and the UK Governments 
were agreed on the desirability 
of introducing more competition 
to the world telecommunications 
industry. The UK was opposing 
restrictions on foreign owner- 
ship not only in Japan in this 
sector but also in Canada where 
foreign shareholdings in Tele- 
globe Canada are to be 
restricted. 

“It is not characteristic nf 
Japan to say that something is 
undesirable because it is new,” 
he said, “According to one 
Japanese newspaper report 
yesterday, British ; Telecom, 
which has close relations with 
KDD, would be invited to join 
the proposed amalgamated, ven- 
ture. 


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address chanqo to: FINANCIAL TIMES, 
Street. New York, 
NY 10022. 




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A FINANCIAL TIMES SURVEY 

NEW TOWNS 

The financial Tima proposes to 
publish a survey on the above on 

FRIDAY MARCH 27 1987 
Sor lull derails p/eaxaieooract. 1 • 

ANDREW WOOD 
on 01-248 8000 ext 4129 

or wire lo him at: . 

Bracken House 
10 Cannon Street . . 
London EC4P 4BF ‘ 

-FINANCIAL TIMES 1; 

.EUROPE'S BUSINESS NEWSPAPER 
too Bowto*, 9 in end pubHeeUon 
rfat« of Suryayt tn fh- Finarfeia! . 
Tbnet itta avft/ace to efu/im «t 
dUcretton of the Editor 








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Financial Times Saturday March 7 1987 

OVERSEAS NEWS 


UK NEWS 


es probe 
own 

ate affair 


David Churchill explains how design skills have helped a leisure craze of the 1960s recover its popularity 

Tenpin bowling strikes back with a sophisticated irnag 


TEN-PIN BOWLING, the sports has since declined to about 50. 
craze of the 1960s which fizzled including eight operated by the 


out >n the 1970s. is making a 
surprising comeback in the late 
1980& 


The revival is spearheaded by tp e iggOs. 


US Air Force. 

But the alleys that remain 
are a far cry from those of 


TOE- ; SWEDES, ever sensitive 
of the outside 
. are beginaing tp wonder 
whether,ilhey have an Iran gate 
style scandal on their 
.For- twp. -years* customs and 
police hava been investigating 
allegations, that - Bofors- and 
Nonel Chemicals — - now part 
of financier Mr Eric- Penser’s 
Nobel Industries group — sold 
land-toAIr vmiwitot explosives, 
and gunpowder to Iran- and 
.other countries in the Middle 
EfOt'-.-frdfr 1979, in clear 
violation- Of.. Swedish law. ' 

True, -.there is no evidence 
■..that, the proceeds from arms 
sales were siphoned into the 
pockets of the Contras. The 
question people are asking, 
however, is ro what exteat 
members of the Swedish Gov- 
ernment were involved. 

The Swedish Peace and 
Arbitration Society (known as 
SFSF) which made the original 
claims . that Bofors Robot 70 


baby - boomers of the 


Tenpin bowling first came to 


Sara Webb reports 
on inquiries into 
arms sales to 
Iran and other 
Mideast nations 


returning nostalgically to the Britain with the US armed 
bowling alleys of their youth— forces during the last war. But 


and this time bringing their became a commercial propo- 


familTes. 


sition in 1960 when a cinema 


There has also been a redis- at Stamford Hill, London, was 
covery of tenpin bowling by converted into a 14-lane bowl- 


today's teenagers and young i D g alley. 


adults^ eager to find new places Falling cinema attendances 


to socialise, and the alleys have encouraged other cinema 
capitalised on the fitness craze, owners to convert to bowling 


Mr Martin Artfbo. managing 
director of Bofors Nobel 
Industries’ ordnance* division, 
yesterday resigned, writes 
S3 ra Webb. 

Mr Ardbo was quoted in 
thte Swedish press as saying 
that the Swedish authorities 
responsible for dealing with 
arms export licences were 
aware all along of the com- 
pany's activities in the 
Middle East- He was also 
named in the press as one 
of the chief suspects in the 
investigation. 


"The revival started about a alleys 
year ago for us and took us all about 


hut with little thought 
the long-term conse- 



■m **« 


7**— 




a bit by surprise." says Mr Ian quences of cashing in quicklv 
Freeman, marketing manager on the boom. 




for the First Leisure Group 


the US bowling vjrs 


which has five alleys in the UK. Young America; it was rock 'n 
First Leisure's bowling opera • roll. In Britain. H just became 


tion has experienced a 20 per seedy." says Mr Harold Silver- 
cent increase in turnover during man. a design expert whose 


the past year. 


company. Marketplace Design. 


AMF Bowling, the largest UK has become a major force in 
operator with 17 alleys, reports refurbishine bowling alleys. 


a 25 per cent increase in turn- About ihree years ago AMF 


over in the past three years, decided it had to do somethin? 
"The popularity of tenpin about the bowling alleys it had 



bowling is now becoming as acquired during the 1970s. 
good or better, than it was AMF. a subsidiary of a US corn- 


missiles had been sold to Iran, — ; 

Bahrain and Dubai via Singa- 
pore, has suggested that Mr Foreign Trade Minister and 


during the 1960s." argues Mr pany. had for many years heen 
Brian North, AMF*s managing a leading supplier of bowling 


Roger Taylor 

Bowled over: youngsters flock hack to the netvloofc bowling alleys, now boasting such 
accessories as automatic scoring machines 


director. 


alley equipment. When its cus- 


The British Tenpin Bowling toraers started going out of North. 


The alleys were not just made including automatic 


Mat* " arms vendors I a 'ofatnn thA . nwrn . business it was forced into Mr Silverman already bad to look good. Steps were taken systems on video. : — v* r— , — 

MiDiae? i^Fo«T CT Trade! *r Algernon died when he tofbody. Jl has 40.000 mem- taking them otter to recover experience in the US of revamp- to create _ a more __.tlr.cti ve "The idea was to. capitalise ’ n ™ 


pendent alley operators wh 
still account for about half 
UK bowling alleys 

But while investment ! 
helped stimulate the spa 
revival, it does not explain 
sudden popularity of ten 
bowling. 

“ I think people were look 
for a sports activity that 1 
less demanding than squash 
also provided some mod 
leisure facilities," suggests 
Freeman. 

Clearly, nostalgia for 
1960s has played an import 
part. Mr Christopher Rous* 
vice-president rn charge 
development for the Coptho 
Hotels group, is typical of tfa 
who played tenpin bowling a 
teenager and have recently 
turned to the sport. 

** I wanted a sport to play 
a Sunday afternoon which c 
bined some exercise with 
pleasant afternoon out," 
plains Mr Rouse, 37. 

But the game is also attr 
ing a new generation of 16 
22-year-olds for whom bowl 
has a novel appeal. Tb 
people, moreover, rake tt 
howling seriously. “We d< 
get many kids out to m 
trouble,” says Mr North. 

Bowling alley operators 
main confident that the upsu 


Minister for Foreign Trade, 


. . fpii in trnnr a train inn., Hnwi nn m nroanUod debt* in? bawling alleys and was environment, with quality snac-fc on the trend towards sophisli- a short-term phenomenon, 

ary. The Stoddidm mu?der ba2s compared with a™ow of Few bowling alleys had any called in by AMF to give a ban and restaurants i and other “ted leisure facilities for the wUlfJt into toe newpatteni 


55“ sSad^ys^fh^foJSd d no 9 t»0 to important maintenance or refurbishment new look to the a v»ing alleys, entertainment facilities. family while basing our appeal leisure activities m the 

fart, though X enc fthat he wSmur- expenditure devoted to them, a The first refit was at Weston- The image created is a combi- on tbe centre’s sporting aciivi- l9S0s. . w & , 

22fi? JS£ W ?_ ^ dSSFbut this has lid SSL Wh7h^i factor which hastened their super-Mare, and then at Hemel nation of West End wine bar. ties.” says Mr North. . . But they remain faopefd 


Swedish law forbids arms ™en«» he was mur- there are now at least mwu »w»bhu.c ™ - 

exports to countries in areas ^ erec *- *>ut this has led some players who bowl regularly. factor which hastened their 

of Sict C ° UntneS m 3X6118 people to speculate that Mr At its peak, there were more decline in the lOTOs. 
m. . cl : Algernon committed suicide, than 200 teooin bowline alleys It was a question of either 


of conflict people xo speculate that air 

Mr Hellstrom was Foreign ^eraon committed sui^de. 
Trade Minister from 1983 to H ® had beea helping the police 


Hempstead. Major refurbish- high street fast-food chain, and AMFs design-led revolution — television exposure might s 
ments of several other alleys, efficient sports centre. The which so far has cost about emerge. " Putting tbe game 


?s.” says Mr North. But they remain hopeful t 

AMFs design-led revolution — television exposure might s 


1986 and was therefore respon- „ r 1 me, *“ tnvestig 
si We for clearing arms and was due 

exports agreements. Political farther information, 
insiders have suggested that his The armaments inspection 


Alpemnn mmmiftorf than tannin hnvUnP alleVS It was a question Ot eituvr menis or several oiner aneya. cuiuriu apuiu venur. me "uitn ao iar nas cost aooui mumifi urc g(UUC 

HeS been SrintoffthfnSice S toe X^^mainliT converted letting them decline further or especially the ones at Southend, bowling equipment has also f 10m — has been followed to a Channel 4 could do as much 

wfth th ei? Sve P stifaS»n P toto rinemL^is slumoed to iurt trying to upgrade them io Uwisham. south London, and beeD brought up to date to take lesser extent by First Leisure, us as it did for American fi 

Bofors and was due 8 t?provide undergo during the 1970s and attract people back." says Mr Nottingham, followed. account of the latest technology. Granada, and some of the inde- ball.” says Mr North. 


surprise appointment as Mini- office started an investigation 
ster of Agriculture last autumn into whether the number of 


was meant to move him out of missiles manufactured 


the limeilght. 


Bofors tallied with the number 


Mr Bengt Westerberg, leader of export orders and recorded 
of the Liberal Party*, has called sales to the Swedish armed 


for the Social Democrat govern- armed forces. 


ment to set up a separate in- Nobel Industries is due to 


Beechara claims patent rights 
on Glaxo’s anti-vomiting drug 


vestigation into the idle of present the results of an 
mimsters m the arms smuggling internal investigation next 


BY TONY JACKSON 


Disclosure 
on Guinness 
‘inadequate’ 


Troubled private shipyarc 
aims for refinancing deal 


Br KEVIN BROWN. TRANSPORT CORRESPONDENT 


firoup Jids chosen to RE t . rum ot * naiicoa It' cppiris rpasnnabh 


£ Sten Andersson, tbe MKffl EK RS « whereas the Glaxo drug-at a 


whether past trade ministers somehow linked to tbe murder I restricting tbe use of a similar vomiting. 


nuvujvai w WIUCUVIT A-UUVtU LV IUC WUIUEi I » — ^ ~ . i . i 

ever questioned why Singapore of Prime Minister Olof Palme drug being developed by an- Both drugs are expected to oe 


these." 

If Beecham were to make its 


was buying large quantities of 1 over a year ago. there has been I other UK drug company, Glaxo, used with cancer drugs, many of c i a j m stick, it is believed that 


■arms from Sweden: 


pressure on both the; govern- Beecham drug, code- w i ,ic t h cause vomiting as a s ‘ de 


_ ■ - : y •. r**— ■ — - —— O-' - inc occcuoui Uiug. 

Pnme Minister Hr Ingvar ment and the company to act. name d BRL43694, belongs to a e £ 


Carbon has denied govern- Mr Anders Carlbeig, man- new das s of drugs called 5-HT3 n«nv« own Product - cooe-tiainefl 

ment involvement in the Nobel director of Nobel Indus- anta«mnilts different from Glaxo s as a GR380 32F — as an anti-emetic 

Affair 3 ° amagonisis. chemical entitv and we were the * r> 


it would be entitled to prevent 
Glaxo from marketing its 


Beecham said: ‘‘ Our drug is own product — - code-named 


Affair. 


tries, said be could not guaran- 


There «re tour Investigations tee that employees of Nobel 


S s i wns _ /V 2® ee ” Industries had not been in- 


wived in selling arms to Iran. 


report on Nobel .. Chemicals, 
whieb is in the hands of the 


antagonists. chemical entity and we were the withoQt Beecfaam’s permission. 

Glaxo's announcement last first to notice its anti-emetic ac- B eecbara would not however 
December that it was develop- tivity. We have applied for a h tbe ri „ ht t0 n, ar k e t 
ing a drug of this type was the use patent which covers Giaxo's G | axo » s pro ducT. 

rvn fne n WOYllfi a f nonri.i n* X ii.-a onn ha w * * 


w vT rT*. main reason for a rapid rise of product for use in cancer 

Dt fact. Nobel Industnes has 15 per cent in the price of its chemotherapy." . Prescription for anti-emesis 


prosecutor, MrStigAge. close contaqf y^th Iranian j shares, adding almost £lbn to .Glaxo said: "We feel we are > s less commercially- important 


Customs 'investigators claim ?P5^ S ® V ?J. rece P^ years. A j the group’s stock market value, covered in this situation. We than either migraine or anziety 


that a Swedish arms dealer has. • Nobel supodiary signed a con- Beecham's drug, which will be have a prior claim for anti- 
supplied Iren with' several Jf a 2,nI! r L n ?u t il5,£?5 presented to a meeting of the emetic utility." 

thousand tonnes of gunpowder to build a chemc^s factoiy at British pharmacological Society Mr Ian Whi 
and nmlo&lvps .nnwbired bv lsfanan. After tne Shahs down- a — _ n a ,h. MnnMm tha c 


and schizophrenia. However, it 
could be the earliest use 


and explosives produced by laanan. Arter tne s»nan s down- aQ April g ^ ^ tbe early stages Montagu, the stockbroker, said: 
Nobel Chemicals, Maiden ««• work was_ resumed on the trials. "The Glaxo patent covers 


Nobel Chemicals, Maiden mu, wont was resumed on me 
Chemicals of Holland, and PRB factory and Nobel employees 


Mr Ian mite, of Green well allowed for either drug, 
onragu. the stockbroker, said: Beecham’s shares closed 19p 


of Belgium, among others. 


worked in Iran until autumn 


It is being tested for use gastric 


Glaxo 

stasis. 


patent covers higher at 562p. while Glaxo's 
symptoms of fell £{* to £lSrfc. 


A separate police investiga- 1986 when the factory was com- 
tfon into whether Bofors sold pleted. It was bombed during 


its Robot 70 missiles to Iran an Iraqi air attack. 


has been delayed because of A Nobel offirial said: " We 


the death of Mr Cart-Fredxik bad a lot of contact with Iran. 
Algernon. the armaments both in. Tehran and Karlskoga 


inspector who was responsible (tbe Swedsdb town where Nobel 
for liaising between the is based)." 


NBC sells off 
further nine 
subsidiaries 

By Our Transport Correspondent 


Administrators appointed 
to investment dealing firm 


BY ERIC SHORT 


Palme inquiry criticised 


MR HANS HOLMEB's deri- 
sion on Thursday evening 
to leave his job as head of 
the Stockholm police force 
and “adviser” to the investi- 
gation into the murder of Mr 
Olof Palme, the Swedish 
Prime Minister, has opened 
the door to further criticism 
of the way the year-long in- 
vestigation has been con- 
ducted. 

Mr Holmer was replaced as 
head of the police Investiga- 
tion last month when friction 
between the police and prose- 
cutors forced the government 
to intervene and reorganise 
tbe investigation. 


“My misgivings over the 
new investigation have been 
borne out. It’s not working, 
so I’m leaving,” said Mr 
Holmer. He claims that over 
fbe last month the bunt has 
been hampered by bureau- 
cracy. 

He has been seatbing of the 
suggestions to hypnotise Mr 
Palme’s widow, Lisbet, and 
offer a reward for informa- 
tion. 


^ MR RICHARD FLOYD and Mr Brokers Regulatory Association 

THE National Bus Company Austin AUeyne. partners in of which FMS was a member. 

a * sold another nine of 70 pj oy fi Harris Bradley-Hole. the put restraints on FMS’s 
subsidiary companies put up for insolvency department of business, followed last month 
sale by the Government as part ftj oores and Rowland, the by an order to stop trading, 
of its privatisation programme, chartered accountant, have been The fraud squad is investi- 
A total of 28 subsidiaries appointed by the High Court as gating the company, 
have been privatised since sales joint administrators of Finan- Tbe Insolvency 4ct is in- 
began early last year. The latest rial Management Services, the tended to prov i d e more flexi- 
mark a rapid acceleration in troubled investment dealing bi , ity liquidation when 

disposals since the beginning of firm. dealin? with companies in 


this year. 


They include eight engineer- the appointment of an admin is- 
ing companies as a group to trator under the 1986 In- 


. _ _ _ . dealing with companies in 

FMS applied to the court for trou bi e with the administrators 
e appointinent of an admuus- in a ro j e similar to receivers. 


Frontsource, an octside buyer solvency Act. 


Mr Floyd said there was con- 
siderable confusion over the 


He has also criticised the 
old organisation, saying that 
the prosecutors wanted to 
treat the murder hunt as a 
routine investigation. 


chaired by Mr Robert Beattie. FMS was formed in Notting- smeraoie contusion over me 
Mr Beattie was at the centre ham last year and also has records at FMS and the aamios- 
of a Parliamentary row late last offices in London. One of its trattw-s first task would be to 
year when Labour MPs claimed specialities was offering a ser- build a picture of assets and 
>»5^ hi/I her) h aan -maria with vira thrniiah media advertise- liabilities. 


LAWYERS REPRESENTING 
Gu tones claim they have not 
been given full details about 
ibe payment of £R2m to 
Marketing and Acquisition 
Consultants, a Jersey com- 
pany, allegedly as part of an 
illegal share support scheme, 
at Ibe time of the Distillers 
takeover battle. 

In Jersey’s Royal Court 
yesterday', the Guinness law- 
yers said that Marketing and 
Acquisition Consultants and 
Mr Michael Dee. its Jersey 
director, who were said to 
have been paid the money on 
the orders of Mr Ernest 
Saunders, former chief exen- 
rive of Guinness, and made 
“ some form of disclosure.” 

However, they said the 
Information given was totally 
unsatisfactory and did not 
comply with court orders 
requiring them to give full 
detailsa bout tbe £5-2m. 

This was denied by lawyers 
for the Jersey company and 
Mr Dee. Tbe Royal Court 
decided to hear both sides of 
the argument on Wednesday, 
when Guinness will try to 
obtain further information 
from Marketing and Acquisi- 
tion Consultants about tbe 
unexplained, payment. 

However, Marketing and 
Acquisition Consultants has 
said it will strenously resist 
any attempt by Guinness to 
extend the orders already 
grantaed to It by the Jersey 
court. 

The court also agreed yes- 
terday to extend injunctions 
preventing the movement of 
tbe money to include the Mid- 
land Bank in Jersey as well 
as National Westminster, 
which have both received 
some of the money. 

Both hanksc have complied 
with the court's orders and 


BROOKE MARINE, the Lowes- publicity would seriously jeej 
toft naval shipyard privatised dise the prospects of reach 
two years ago. is negotiating a an agreement,’' he said, 
refinancing deal to overcome a Brooke Marine was sold 
severe shortage of orders. £100,000 by British Shipbuild 
Mr Fred Henderson, the to three directors: Mr Hen< 
managing director, is under- .son. Mr lan RusselL shipbu 
stood to have had extensive ing director, and Mr Rich 
talks with financial institutions Fellows, commercial directo 
in London this week, and a for- It was the first of four hi 


mal announcement is expected yards, nationalised in 1977 


next Wednesday. return to the private sector. 

Mr Ramsey Ross, the company The yard, which builds pa 
secretary, said there was no boats and other small ns 
truth in rumours- that Brooke vessels, found orders difficul 
Marine was on the point of attract particularly after fall 
closure. oil prices reduced exj 

Mr Ross confirmed that the demand from Middle I 
company had experienced proh- governments, 
lems in attracting both orders The management has si 
and risk capital. He would not diversified into building 
say whether the refinancing deal refitting luxury yachts, inc 
would' lead to an outside com- ing tbe construction of Vii 
pany taking an equity stake. Atlantic Challenger II. in wl 
“ We are trying to keep it as Mr Richard Branson set a rec 
quiet as possible. We believe for the fastest Atlantic cross; 


reduced exi 
i Middle I 


The management has si 


Ex-Rumasa head fined 


MR JOSE Ruiz Mateos, former Last May. Williams and Hi 
head of the Rumasa group, the bert, the sherry shippt 
banking and industrial conglom- regained ownership of the 1 
erate. expropriated by tbe Sack mark, which had bi 
Spanish Government after its transferred to W and H Tra 
collapse four years ago, was marks (Jersey), another of 
fined £5,000 in the High Court Mateos 's companies, 
in London yesterday. Yesterday's applications i 

Mr Justice Knox found that primarily for an order comi 
Mr Mateos, who was not in ting Mr Matoes to prison, 
court, had failed to comply with However, the judge s< 
the High Court orders requir- although it was clear that 
ing him to withdraw applies- Mateos, who lives in Spain. \ 
tions to register fbe Dry Sack in contempt of the court ordi 
sherry trade mark in the US a committal order against l 
and other parts of the world. was unlikely to be effective. 


was unlikely to be effective. 



his bid had been made with vice through media advertise- 
tbe advantage of information ments to shareholders in the 


UN envoy denies Afghan 
peace talks breakdown 

BY WILLIAM DULLFORCE IN GENEVA 


gained while working as a recent equity issues, including and Jiave not heard from the 
consultant for NBC. The alle- TSB, British Gas and British company should write to the 
gations were dismissed by Mr Airways. administrators at Floyd Harris 


ibilities. j revealed all the information 

Investors who dealt with FMS j they have. However, it is not 




John Moore, the Transport 
Secretary, after an inquiry. 


Last December, the Financial Bradley-Hole. Clifford Inn, 
Intermediaries. Managers and Fetter Lane. London EC4A IAS. 


known whether this confirms 
an alleged connection between 
the Jersey company and Mr 
Thomas Ward, the Guinness 
director. 


Specialist stock liquidators, valuers and arbitrators 


T ^-i5irert peace 13 guaraSeeii^the retttenent. by LYNTON MgLAIN 

^ V ^stS^st^d?y SU 3«miSd of^e^a^rjr^il’but^ls THE [LATEST European early 

down. acfcnow!. withdraw. made on the Isle of Wight was 

Mr Diego Ct>n J? . th _ re was The Pakistani Foreign launched yesterday by Lord 

distrust and Ministry said it considered three Trefgarne the Minister of 

still tremendous tnsirusi « ^ ^ months t0 be a Sute for Defence Procurement. 

suspicion. * . . * “ r-aennabip »■ period. Lord Trefgarne told senior 


European radar aircraft launched 


"STS* « 4« j: •»«» “ ssrK'.aEK 


four months to be a Sute for Defence Procurement, 
reasonable ” period. Lord Trefgarne told senior 

Raids by Afghan bombers on management of Klatus Britten- 
ikistani villaees near the Norman, which made the air- 


x . J — TIA*. n frpeh pro- KaiQS oy Algnau uuuiuns wji 

on Monday wtti a trHD H Pakistani villages near the Norman, which made the air- 

POM! for tt, wtt dtwl Of ^,” m Iast we 4 resulting to craft, sad Thom EMI Elec 
115,000 soviet wmps figrvn g 1Q0 deaths accor ding to tronics. which developed the 

the Mujahedin gaezri^, ^ reportSi have complicated Skymaster radar, that the 
only obstacle to a M the negotiations. Tbe US State Ministry of Defence had no need 

the seven-year conn * Department said the attacks of such a system. 

Cordovez said. settle- were “ a crude attempt ” to Nevertheless, he said it was 

Three elements a j nt |inidate Pakistan and said " a major contender in the air- 

nient have oee *** they contrasted sharply with borne early warning markets of 

pakistan-Afghan a noam * B f ervenm assurances from Moscow and the world.” The aircraft is 
interference t Kabul that they sought a nego- ready for a foreign sales tour, 

tion; provision Afghan tiated settlement to tbe Afghan The AEW Defender system 

return of Aoctorations by conflict costs between £5. 5m and £10m 

refugees: and oecim-auvn® ^ . „„ face 





„ . m 


. M" M 


m w 
*%?. * ; - 

■ 


M;: IK. M mMmlM ' 


Kampuchea peace move 

- y -ohm MttlRAY BROWN IN J*MRTA 

° 1 » mr- ' i .f CtKta fnF lTvl, 


costs between £5.5m and £10m 
depending on equipment, (ess 
than a Ifith of the cost of a 
Boeing E3 Awacs early warn- 
ing aircraft. 

The AEW Defender's radar 
can seek targets at high and low 


-rnvnON is Minister of State for External altitude and can be used for 
THE SOVlEri . f or Affairs. ■ maritime surveillance, a combi- 

sropose a L« inatnampM It is not known by bow much nation That not even Awacs can 


- --- . - Vietnamese IS 1,01 "■ uuw, ‘ uiuv.it ikuiou mat. ool cv«i nwou mm 

the withdrawal oi t(J tfie p ] aa seeks an advance of offer, according to the partners, 

troops f *‘? m -„** ctalied peace the 1990 deadline. Britain ordered six Awacs 

breathe Ii*© ini ° Renter reports from Bangkok: aircraft in December for a total 

negotiations. . t& jggo A Vietnamese Foreign Ministry of fS60tn including spares, after 
The plan* advanci k ^ t spokesman said Hanoi would Lord Trefgarne and Mr George 

set ay ine . ‘ nw ilc trnnnt ffflffl 1 Vnrnioop 1 Ha Caontin 1 


Defence minister Lord Trefgarne at the console of the Sky- 
master radar, with John Hakes, managing director of Thorn 
EMI Electronics (centre) and Leslie Appleton, chairman of 
Pilatus Britten-Norman 


Bri l ien-Norman Islander twin 


Security restrictions imposed 
by the Defence Ministry on the 
export of Search water— so far 
it has been sold only to Spain, 
with India a possible customer 
— led Thorn EMI to develop the 
Skymaster version using highly 
secure computer software for 
processing tbe radar signals. 

The aim was to find a way 
of selling a modified version 
of the proven Searchwater 
system to nations that could 
not afford, nor had any need 
for, an early warning system as 
expensive and as comprehensive 
as Awacs. 

The partners also hope to 
interest countries or alliances 
which already have Boeing 
Awacs radar coverage, in the 
Defender as a "second tier." 

Mr John Hakes, managing 
director of Thorn EMI Elec- 
tronics. said there was a "very 
large potential market for the 
low-cost airborne surveillance 
capability of the AEW Defen- 
der." This could involve 
between 110 and 200 aircraft. 
Tttvor Humphries " We are first in the market 
. _ , _ . with this type of low cost AEW 

at the console of theSky- ra dar and are the only company 1 
nanaging director of Thorn OIits i de (he with a modern . 
she Appleton, chairman of airborne early warning system.” 
-Norman hc said 

The original Britten-Norman 
Searchwater is the radar used company went into liquidation 


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Financial Times Saturday March 7 1987 


UK NEWS 


Ocean shipping 
line to adopt 
offshore flag 

BY KEVIN BROWN, TRANSPORT CORRESPONDENT 


THE FLIGHT of UK shipping 
companies from the British flag 
accelerated yesterday as Ocean 
Transport and Trading an- 
nounced plans to transfer its 11 
ships to an unnamed offshore 
register. 

Ocean said the transfer was 
essential if it was to cut costs 
and remain competitive in the 
depressed shipping market 
which is suffering from 25 per 
cent world-wide overcapacity. 

The announcement follows the 
release of figures produced by 
the General Council of British 
Shipping indicating that the UK- 
owned and registered merchant 
fleet fell to less than 10 m tons 
deadweight in December its 
lowest level this century. 

This includes 3m tons dead- 
weight on the expanding Isle of 
Man register, a possible home 
for the Ocean ships. 

Since December, Shell 
Tankers, the UK arm of the 
Royal Dirtdh /Shell fleet, has 
announced the transfer of more 
than 30 ships, and Rowbotham 
Tankships has said it plans to 
transfer its fleet of small petro- 
leum and chemical carriers. 

Other companies are believed 
to be considering whether to 
change flags. 

Mr Nicholas Barber, Ocean’s 
chief executive, said the com- 
pany would select an agency to 
manage its ships. 

Mr Barber said up to 60 of 
Ocean's 400 seamen would face 
redundancy but the transfer 
would safeguard remaining jobs. 


Ocean operates four ships in 
the UK-West Africa trade under 
the Elder Dempster name, two 
round-the-world container ves- 
sels in the Barber Blue Sea 
consortium, and five for other 
owners. 

Th group also owns a liquid 
natural gas ship which has been 
idle since its launch 10 years 
ago because of lack of demand. 

Mr Barber 'said Ocean's 
shipping activities were trading 
profitably as a result of the 
retrenchment of the past six 
years but were not producing 
sufficient return on capital. 

“The extra savings we will 
now be able to make through 
this transfer to an offshore flag 
mean that we will be able to 
view our shipping activities with 
more confidence than has been 
possible for a number of years." 
he said. 

Nuraast. the merchant navy 
officers' union, said it had not 
been consulted about the an- 
nouncement, which it described 
as a “ fait accompli." The union 
has about 200 members on 
Ocean ships. 

The union said that Ocean 
had agreed to enter negotia- 
tions on the proposals and 
talks would start on March 10. 
The union had not been given 
full information on the redun- 
dancy proposals or the time- 
scale. 

“ There is obviously an awful 
lot of negotiating to do yet" tbe 
union said. 


Leyland 
write-off to 
cost £ 680 m, 
MPs told 

By Kenneth Gooding, 

Motor Industry Correspondent 

THE GOVERNMENT Will 
have to find £680m to write off 
accumulated debts and 
rationalisation costs at the 
formerly state-owned Leyland 
Trucks and Leyland Bus com- 
panies, Mr Paul Chan non. 
Trade and Industry Secretary, 
revealed in a Commons 
written answer yesterday. 

When the disposal of Ley- 
land Trucks to a new joint 
company controlled by Oaf 
of the Netherlands was 
announced last month, Mr 
Channon said up to £750m 
would have to be provided. 

Leyland Trucks and 
Leyland Bus were part of the 
Rover Group. Leyland Bus 
was bought by its manage- 
ment last mouth. 

The Government wfH cover 
the cost of the write-offs by 
injecting cash into Rover in 
exchange for shares. The 
group retains its London 
Stock Exchange quotation, 
hut the state owns more than 
99.9 per cent of the equity. 

Rover will hold an extra- 
ordinary meeting on March 
27 for shareholders to 
approve an increase in 
capital. It win issue shares 
to the Government at the SOp 
par price or the average 
price tn the five dealing days 
preceding the day of Issue, 
whichever Is higher. 

Last night, the Rover price 
fell a penny to 58p. 


Michael Donne looks at the battle for licences to use London’s Docklands airport 

Warring airlines stake claims on Stolport 


Photographic collection 
company seeks BES funds 


BY PHILIP COGGAN 

FRANCIS FRITH, the Victorian 
photographer who attempted to 
record every city, town and 
village in the British Isles, died 
in 1883, but the company that 
markets his collection now aims 
to raise £lm from Business 
Expansion Scheme investors. 

Mr Frith’s descendants and 
others kept the collection going 
until 1970 when it was sold to 
Rothmans, the international 
tobacco group. Mr John Buck, 
a Rothmans executive, acquired 
the archive in 1977 and has 


since developed its commercial 
potential. 

Prints, table mats and post- 
cards based on the original 
photographs are sold by Mr 
Buck’s company, Francis Frith 
Collection. But lack of funds 
has prevented the companv 
from devoting enough resources 
to marketing and it has made 
small losses in each of the last 
five years. 

The £lra being raised by the 
Minster Trust-sponsored issue 
will be used to expand 


BMA opposes 
food irradiation 

Financial Times Reporter 

FOOD IRRADIATION should 
not be allowed in Britain 
before an investigation is 
carried out into the potential 
long-term risks, the British 
Medical Association said 
yesterday. 

An expert committee 
advised the Government last 
year that the irradiation pro- 
cess was safe and could he 
used to extend the shelf life 
of certain foods as well as to 
kill off dangerous bacteria. 

But the BMA said the com- 
mittee may not have taken 
sufficient account of possible 
long-term medical effects. It 
wants a study lasting several 
years to confirm safety before 
the process Is allowed 


A BATTLE of words over which 
airline should be allowed to use 
the new short take-off end land- 
ing airport (Stolport) being 
built in Loudon Docklands will 
intensify on Tuesday, when the 
two protagonists present their 
cases to the Civil Aviation 
Authority. 

Mr Christopher Tn geadhat, 
the chairman of the authority, 
and his . route licensing experts 
will hear Mr Charles Stuart, 
chairman of Brymon Airways, 
and Mr Michael Bishop, chair- 
man of British Midland , which 
has set up a subsidiary, Eurocity 
Express, specifically to bid for 
operations from the Stolport. 

Tins wiH be the first time that 
Mr Tugendhat has sat in on a 
route licence bearing since be- 
coming chairman last year, in- 
dicating the importance the 
authority attaches to the case. 

Both Brymon and British 
Midland are successful regional 
airlines, with networks of dom- 
estic and international opera- 
tions, and both are looking for 
opportunities to expand. 

Stolport. being built by John 
Mowlem, the construction en- 
gineering group, will become 
operational this autumn. 

Brymon recently restructured 
with British Airways acquiring 
a 40 per cent share stake 
(though with only 14 per cent 
of the voting rights), has asked 
for routes between the Stolport 
and Amsterdam, Brussels, Paris, 
Plymouth and Newquay. 

Eurocity Express, which 
although it is an airline in its 
own right, is effectively run by 
Mr Bishop, has asked for rights 
to tly between the Stolport and 
Guernsey, Jersey, Manchester, 



. : 

> . 


. - - *•-: - y.-r. 



Enrocity Express’s first Dash 7 airliner. Right: Charles Stuart, Etymon's chairman, and Capt Harry Gee, Its chief pilot 


Amsterdam, Brussels, Du&sel- 
dorf, Paris and Rotterdam. 

Tbe real clash will come 
over the busy Amsterdam. 
Brussels and Paris routes, 
which both airlines want. 

They both plan to use ultra- 
quiet de Havilland Canada 
Dash 7 four-engined turbo- 
propeller aircraft, which the 
Department of Transport has 
insisted on to keep noise level., 
down and local communities 
happy. 

Tbe war of words between 
the two airline chiefs over 
recent weeks has stemmed 
largely from Brymon’s feeling 
that the late entry of Eurocity 
Express is a disruptive tactic 
in what it feels is its own 
arena. Brymon has been 
involved in Stolport from the 
earliest planning stages. 

Brymon also feels that Euro- 


city’s longer-term aim of operat- 
ing larger British Aerospace 
146 airliners from the Stolport 
has unnecessarily aroused local 
fears of increased noise, which 
Brymon has sought to prevent. 

Mr Bishop’s response is that 
Eurocity Express is a genuine 
attempt to broaden the base of 
British Midland' and generate 
business in tbe light of the 
Government’s desire to see more 
competition among UK airlines. 

Mr Bishop points to the big 
British Airways' stake in 
Brymon and the fact that Mr 
Colin Marshall, BA’s chief 
executive, sits' on Brymon’s 
board has indications that the 
newly-privatised BA is taking 
more than a passing interest 
in tbe Stolport He suggests 
that BA is seeking a share in 
services there by back-door 
methods. 


He .also argues that it will 
soon become necessary to widen 
the scope of the.. Stolport by 
permitting other types of- air- 
craft to use it. 

The authority will consider 
the issues of safety, the overall 
benefit to the consumer, the 
airlines’ financial fitness and 
their technical and operational 
capabilities. 

Nevertheless, the authority is 
aware that the matter is being 
seen as a test of its competition 
policy in the wake of the priva- 
tisation of BA and that other 
UK airlines will be watching it 
carefully. 

Both Brymon and Eurocity 
Express wiU have to submit to 
tiie authority detailed cases for 
the licences they seek, including 
analysis of potential traffic 
growth and how they wtU handle 
it, details of fares and their 


safety standards. 

The authority is not obliged, 
to decide between the two air- 
lines. If it is satisfied there is 
likely to be enough traffic; it 
can license both. 

Lic ensing only one airline 
would lead to delays in getting 
services started, because which- 
ever lost would be bound .to 
appeal to the Transport Sec- 
retary. 

: If it was then dissatisfied 
with his decision, it could take 
the matter to court Nothing 
could be worse for the image 
of the Stolport at the start of 
its operational life. 

The battle over the next five 
days will therefore be fierce. 
The authority : fs\ aware that 
what i* at -stake is the credi- 
bility of the 'Government’s 
competition policy as well as 
the future of the Stolport. 


Conservation group attack ‘naive’ proposals to protect landscape 


BY PAUL CHEESER1GHT, PROPERTY CORRESPONDENT 


PROPOSALS to increase protec- 
tion of National Parks and the 
Norfolk Broads were strongly 
criticised yesterday by the 
Council for the Protection of 
Rural England. It described 
them as insubstantial, naive and 
the "most threadbare to date 
on environmental matters." 

The council was responding 
to a Government invitation to 
comment on its proposals for 


Landscape Conservation Orders, 
published last December. 

The Environment Department 
has received about 30 responses 
from local authorities, amenity 
groups like the Ramblers Asso- 
ciation , landowners, forestry 
interests and National Park 
authorities. The National 
Farmers' Union has not so far 
responded. 


Landscape Conservation Or- 
ders would ban farming that 
harmed the landscape, like 
ploughing up moorland or 
dumping debris on heather. 

National Park authorities 
would have the power to pro- 
hibit temporarily such activities. 
They would also have com- 
pulsory purchase powers if 
management agreements with 


landowners could not be 
reached. - 

The Government wants to 
establish the principle of land- 
scape conservation alongside 
the powers of the Nature Con- 
servancy Council to stop , farm- 
ing on. for example, areas of 
scientific interest 

The council says the scope of 
Landscape Conservation Orders 
is too narrow. " Tbe case for 


Landscape Conservation Orders 
to be made available to local 
authorities to protect locally 
important landscapes anywhere 
in Britain's countryside remains 
overwhelming,” it say& 

The Government suggestion 
that only about- 10 orders a year 
would he made "does not appear 
to bear modi relation to the 
reality of contemporary country- 
side trends,” rt adds. 





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UK NEWS 


Scottish health chiefs’ pay 
to be performance-linked 


Ordnance 
plant wins 
order for 


BY PETER RIDDELL, POLITICAL EDITOR 


PERFORMANCE-RELATED pay 
arrangements are to be intro- 
duced for all full-time general 
managers in the Scottish Health 
Service, 

This represents a significant 
development in public sector 
pay structures and is intended 
to reward both short-term 
achievements and long-term 
contributions to general manage- 
ment. 

A circular -sent out by the 
Scottish Office indicates that 
managers In the top perform- 
ance band can earn an extra 
3 per cent to 4 per cent a year 
for good results. Payments 
under the scheme will be cumu- 
lative. up to a ceiling of 20 per 
cent over five years for those in 
the highest performance band. 


The Jevel of reward will be 
determined by success in meet- 
ing agreed objectives, and 
general managers will be ranked 
in five bands according to their 
relative success. 


Those rated in the top three 
bands will get performance- 
related pay in addition to any 
annual increase awarded to 
general managers, while those 
in the fourth band will get no 
bonus pay. and only any annual 
Increase determined by the 
Government. Managers in the 
fifth band will not even receive 
an annual increase in salary. 

Among other features will be 
the preparation of an annual 
performance plan Including 
management objectives to be 


met, and against which perform- 
ance will be measured. The plan 
will be agreed with an appraiser 
at a more senior management or 
health board leveL 
- There will be appraisal of 
performance to measure achieve- 
ment, and the results will be 
subject to review to ensure con- 
sistency and equity in operating 
the scheme. 

Lord Gienarthur. Scottish 
Minister of State responsible 
for Health, said the scheme did 
not mean there would be 
bonuses for cutting or contract- 
ing-out services. On the con- 
trary, be said, managers would 
be expected to make the best 
use of resources, in terms of 
staff, equipment and buildings 
as well as money. 


By DavW Buchan, 
Defence Correspondent 


Scheme to 
tackle lost 
wills problem 


Terex negotiates deal to 
make dump tracks in China 


By Raymond Hughes, Law 
Courts Correspondent 


BY JAMES BUXTON, SCOTTISH CORRESPONDENT 


THE LAW SOCIETY, the pro- 
fessional body for solicitors, has 
devised a scheme that it hopes 
will reduce the problems caused 
by lost wills. 

The persona! assets . log 
would provide information such 
as the will's location, its date 
and the names, addresses and 
telephone numbers of execu- 
tors. 

The Law Society says every 
year many people make: wills 
but do not tell anyone where 
they are. As a result, many 
bereaved families experience 
serious problems, not least of 
which may be delays in receiv- 
ing money left to them. 

The log also acts as a practi- 
cal record for executors “because 
it enables information to be re- 
corded about house deeds and. 
mortgages, savings and share 
certificates, insurance policies 
and birth, marriage and adop- 
tion certificates. Copies are 
available from solicitors. 


Miss Ruth Lawrence, the 
Law Society's publications 
manager, said yesterday ihe 
need for the service had been 
raised by solicitors. Solicitors 
all over Britain were ordering 
the log. 


TEREX EQUIPMENT, the US 
■ construction equipment maker 
whose only manufacturing plant 
is in Scotland, is negotiating to 
manufacture dump trucks in 
China in a joint venture with' 
a Chinese, concern. 

Terex expects the talks to lead 
in the next two months to agree- 
ment on a joint venture with 
North China Industries Corpora- 
tion (Norinco) to produce the 
trucks in Baotou City in Inner 
Mongolia. 

Terex will contribute one 
third of the equity of the joint 
venture as well as production 
machinery, special tools and 
engineering technology and 
designs. Norinco will put up 
the remaining two thirds of the 
equity and provide land, build- 
ings and equipment 

The Baotou plant which 
already makes heavy military 
vehicles, will assemble dump 
trucks from kits imported from 
the Terex plant at Newhouse 
near Glasgow. Already 44 kits 
have been supplied and an 
order for a further 40 is ex- 
pected shortly. 

The plant will be able to pro- 
duce about 300 vehicles a year 
by 1989. which at current 
prices would be worth about 
£30m. 

Within eight years Chinese 


suppliers are expected to pro- 
vide more than 80 per cent of 
the content of the trucks. At 
the same rime, however, other 
models in the Terex construc- 
tion equipment range may he 
considered for production. 

Mr Robert McCabe, chairman 
and managing director of Terex 
Equipment, said the agreement 
would “ significantly contribute 
to the profitability of Terex in 
Scotland" and 'help make it 
more competitive worldwide. 

Terex was recently acquired 
by General Motors from North- 
western Engineering, and all 
manufacturing is being trans- 
ferred to Newhouse. 

• Engineering group Mother- 
well Bridge, of Lanarkshire, 
yesterday announced a £15m 
redevelopment plan for an 
industrial and high-techpology 
retail park which will create 400 
full-time jobs. 


Avon cats 120 staff 

NEARLY 120 staff at the Avon 
cosmetics plant in Northampton 
are to lose their jobs as part 
of a decentralisation programme 
of the company^ overseas pro- 
duction department. Some will 
be offered jobs at European 
offices. 


BOYAl ORDNANCE, the 
state-owned munitions busi- 
ness due to be privatised 
next month, has beaten off 
competition to win a second 
production order for the 
SA80 combined machine gun 
and rifle for the British Army. 

Mr Roger Ptnnington, chief 
executive, said yesterday the 
order was “ particularly wel- 
come " In securing the future 
of the Enfield factory in 
north London,, which other- 
wise might have dosed to 
two years for lack of work. 
But it would not reverse the 
redundancies . an n ounced 
earlier this week of up to 140 
non - production workers 
among the 1,296 Enfield 
employees. 

It will also Increase the 
- attractiveness of Royal Ord- 
nance to four companies — 
British Aerospace. GKN, 
Ferranti and Trafalgar House 
— which are expected to sub- 
mit bids by March 13 to buy 
the munitions business. 

However, exact terms of 
the second SA80 contract will 
not be set. until confirmed by 
the eventual buyer of Royal 
• Ordnance, probably next 
mouth. It is believed the 
second order closely matches 
the first SA80 contract to 
supply 175.000 weapon 
svstems for about £7 Dm to 
£8tan. 

Several months ago Royal 
Ordnance seemed to serious 
dancer of losing, the second 
SA80 order, even though it 
faced, to “the shape of BTR. 
Hunting Engineering and 
Pylon Industries, competition 
from companies without the 
small arms production tradi- 
tion of Enfield. 

This was because Royal 
Ordinance had fallen badly 
behind schedule in making 
the first SABO batch, and was 
only this year beginning to 
hit the desired production 
rate of 1.000 weapons a week. 

The award of the second 
gnn order to Royal Ordnance 
reflects aparent Ministry of 
Defence confidence that En- 
field’s production problems 
are over. 

But the Government Is also 
keen that privatisation be 
completed soon, before the 
general election. The Labour 
Party is committed to return- 
ing Royal Ordnance to state 
ownership. 


FINANCIAL PLANNING 


FOR THE INDIVIDUAL 


by Alan Kelly, Partner, Grant Thornton 

With new schemes and new legislation keeping consumers and advisers an 
their toes, the demand for information on personal financial planning has never 
been greater. 

FINANCIAL PLANNING FOR THE Descriptive chapters follow on Unit Trusts and 

INDIVIDUAL, a new Financial Times handbook Investment Bonds * the Business Expansion 

written by Alan Kelly, was originally based on the Scheme * Pensions for Directors * Pensions for 

successful course run by The Institute of Chartered the Self-Employed * life Assurance * Tqpc 

Accountants in England and Wales. It now covers Planning * Capitol Transfer Tax * Mortgages * 

additional subjects and new information. School Fees * Wills * Appendices giving a 

The author's experience is wide and highly specimen planning questionnaire, details of 

regarded. He has designed the book for clarity retirement ages, estates under intestacy and 

and ease of reference, with checklists of further reading. 


advantages and disadvantages, detailed 
examples, and a fully cross- 
referenced index. 

The introduction, which' 
discusses the purpose of. 
planning and the professional 
adviser's role, precedes a key 
.chapter on Investment 
Planning outlining the stages 
in this process, and’the 
various savings and 
investment media available. 

The author discusses the 
merits of each in an overall 
plan, and gives examples of 
typical investment portfolios 
with their financial 
implications. 


financial 

PLANNING 

rOfl THE fliPMOQ&l. •• 


A page of addenda will coverthe changes . 

brought in by the 1986 
Budget. 


MAtl KELtY 




Published February 1986 by 
. FINANCIALTiMES 
BUSINESS INFORMATION 
in association with The 
institute of Chartered 
Accountants in Englqnd and 
Wales. 


. ... 

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... :v. r 




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Financial Times Saturday March 7 19 S 7 


APPOINTMENTS 


Sir Timothy Bevan joins BET board 


\f 


machine gun 


BET has ' appointed Sir 
Timothy Reran to its board. Sir 
Timothy will be retiring from 
the chairmanship of 'Barclays 
Bank in May. 

★ 

Mr Janies Benson, ex-rice 
chairman of the Ogilvy Group 
in New York, has been appointed 
president of the MICHAEL 
PETERS GROUP’S North 
American activities. He will also 
join the group board. 


THOMSON REGIONAL NEWS- 
PAPERS has appointed Mr Tom 
Hunt chairman of the Chester 
Chronicle, and wtH be succeeded 
as managing director by Mr 
Ernest Petrie, who rejoins TRN 
from Lancashire and Cheshire 
County Newspaoers where he 
was managing director. 

ALFRED WALKER has ap- 
pointed Mr Anthony Montague 
Browne (a managing director nf 
Gerrard & National from 1970 
until 1983), as executive chair- 
man. Mr John Donaehie, who re- 


tires as chairman, will continue 
as a fail-time executive director. 
Mr George Martin (until re- 
cently chairman and- chief execu- 
tive of Pleasurama > and Mr 

Peter de Savary have been 
appointed to the board. Mr 
Martin will become chief exec- 
utive of Alfred Walker. 

Mr David Ramsey, a director 
of Jehu Menzies, has been 
appointed chairman of PERI- 
TRONIC MEDICAL INDUST- 
RIES. Mr Peter Aspinall, pre- 
viously managing director of 
Chloride International, and Hr 


Thomas Salter, previously chair- 
man and managing director of 
the ton on the Park, have agreed 
to join the Peri tronic -board. 


Following the ac quisiti on of 
SANDHURST MARKETING by 
Tootai, air Anthony Habgood, 
director of Tootai, has become 
chair man of the- Sandhurst Group. 
Former chairman Mr Brian 
i ftiiniA is now president of Sand- 
hurst, and Mr Deaniss Holme, 
former joint deputy chairman, 
retires. Mr Peter Holme, manag- 
ing director of the stationery 
division, joins the hoard as 


executive director. Mr Hugh 
Sear (chief excutive), Mr Peter u* 
Smith (managing director) and m 
Mr John Short (executive direc- 
tor) remain. oA^tbft board. 

Mr Derrick Willingham has 
been appointed chief \xecutive 
designate of TWL from toe end 
of April. He joins from the 
Thyssen - Bomemisza Group, 
where he has been senior vice 
president of toe Vulcan ^indust- 
rial services strategic unit Prior 
to this' Mr - Willingham was 
chairman and chief executive of 
.he Haywood Trier Pump Group. 


S 13 


BES OFFER 


ECONOMIC DIARY 


TODAY: Conservative Party local 
government conference at Con- 
naught Rooms, London. 
TOMORROW: Sir Geoffrey Howe, 
Foreign Secretary, to visit Buda- 
pest (until March 10). 

MONDAY: Credit business 

(January). Retail sales (January- 
final). Producer price index 
numbers (February-provisional. 
EEC Finance Ministers Council 
meeting in Brussels. Eur ocean 
Parliament in session in Stras- 
bourg (until March 23). Labour 
Party makes statement on women 
and health policy. Opposition 
debate in Commons on the pros- 
pects of the removal of inter- 
mediate unclear weapons from 
F.urope. BIS monthly meeting 
in Basle. 

TUESDAY: Newly-elected Daii 
chooses premier. Assistant 
Masters and Mistresses Associa- 
tion announces result of ballot 
nn strike over pay deaL Hong 
Kong and Shanghai Banking 
Corporation annual results. 
WEDNESDAY: TUC women’s 
conference in Blackpool (until 
l March 13).- Commons debates 
estimates for coal industry. Con- 
servative women's “highflyers” 
conference at Cafe Royal, 
London; speakers include Mr 
Norman Tebblt, Mr David Wad- 
dington and Mr John Major. 
THURSDAY: Provisional figures 
of vehicle production (February). 
CBI/FT survey of distributive 
: trades (end-February). Inter- 
national banking statistics 
(fourth quarter). US retail sales 
(February). US money supply 
« February). Truro by-eiection. 
UN Food and Agriculture Agency 
ccnrereDce on Africa in Verona. 
FRIDAY: Usable steel production 
(February). Mr Neil Kinnock, 
Labour Party leader, to. address 
Scottish Labour Party conference 
.In Perth (until March 15). Mr 
.David Steel,* Liberal ..leader, 
attends Welsh Liberal annual 
conference in Tenby. 


1986/7 


OAK HOTELS pic 

Sponsored by JOHNSON FRY pic. 

Hus issue offers: 

> Three existing hotel sites to be managed by a major French hotel group - • ’ 
first opens in June *87. 

Substantial investment by BES and non-BES investors exceeding . 
£5.7miIlion. ~ ; 

No “golden” shares -low potential equity dilution for investors. ' 
Minimum subscription underwritten - shares to be issued before thebudget 


Q U 




For further information ring 01-439 0924 (24 hrs). 

( Hcasc send me toe prospectus for Oak Hotels pic. 


| Name—. 
| Address. 


: (Mse 




.Send to: 


A r— . 


BES TAX RELIEF 

(Capital .Gains Tax Free) 


BARBICAN HEALTH 

& FITNESS PLC 

* v ' 


An nppo^Upitv to invest til a new company, owning and 
operating 1$ large health and fitness 

Hob in ihe pmspertflits Cuy’of London. 



BaMyk Health & Tennis Cwqporaimo, ihe biggest fitness 
club operation ihetiSA atutpart of -a S600 million 
company, will'vnanagc s the Borhiun club and provide 
subua alia tti l lucking 1 . . 

. w*' , 

Issue of 1250,600 uribnar* shure&.at a price r»f £1.00 per 
share, payable in fttil not Ltertban Jftli March 19S7. 
Please complete aridj post coupon fordfuli Prospectus. 


Barcelona, from 2nd to 10th May 1987 

• Cars. 

• Motor homes. 

• Lomas commercial vehicles, in- 
dustrial vehicles, special trans- 
portation vehicles and car was- 
hers. 

• Coaches, buses and minibuses. 

• Parts, components parts, spare 
pans, and accessories. 

• Bicycles, mo-peds, motor cycles. 

• Garage, repair shop and service equipment. 

Lubricants. • Competition section. 


* ’ ‘ Sponsored by “ 

Baltic Asset Management Limited 


EXP0M0VIL 


(Licensed Dialer in Securities) 

25(26 Albemarle Street, London W1X 4AD, OMBS 9899 
This advertisement is not an offer to subscribe for shares. 


To: Close Registrars Ltd, 803 High Road. Ley ion 
EI0 7AA 

Please send me a copy of the Barbican Health & Fitness 
PLC prospectus, without obligation. 

MR/MRS(MS___ — 

ADDRESS 


Barcelona, from 23rd to 28th April, 1988 

• All spheres connected with inte- 
grated transportation and the 
automobile industry. 

• The spare parts, component 
parts and accesory industry • 

• Equipment for garages, work 
shops, casting, forging, eic. 

, L • Bicycles, mo-peds. motorcycles, 

and everything connected with the manufacture and market inq of 
these 

1 Lubricants and similar products connected with the automobile in- 
dustry. 

• Equipment for handling and haulage of material for assembly 
chains, conveyor belts and transportation bands. 

< Land, sea and air transport, freight and carriage. 


FT 7.3.87 \ 


Feriade Barcelona'^' 


Avda. Rena M.« Cnsin-ra vn - 080QJ Barcelona - Sown 
W. (S3J 423 31 01 - Wex SM5B FOtMB-E 




BASE LENDING RATES 


SPONSORED SECURITIES IP 




Adan&Cas*w)r 11 


AIM Arab 8k La. 


AUks) Oerter & Co 11 


Amman £» at.— 11 


Am Bank 11 

fenOAotater 21 

ANZ 6 uMwt Cm? 11 
AsndmesCjpCera— U 
AttfwSj&CoUd — U<2 


% 

CKteANA 11 

04a* Sm« *1Z« 

Qij Hcrifcaws Bn* 11 

CtrtettcBa* 11 

Com. BtH. East U 

ConmHteedCnd — — U 

CfropentesBa* — . -13 


MmCnAlCap. 14_ 11 


NaiBLaf Krart. 
NateMak. 
HfiWetMttr- 


HorfemBaftLM— . )) 


NomdiGen.TnBt_. 

PKFtem.taUIUK3_ 


BteHapnfai— 

BtecLaotiUK). 


b*CndklCan_ 11 


BtffcofCpns 

BnfcgiMKA 

b* of Into 

MafSaxM 


CiSRsAwteBt 

21 

FrawtesJTradUri— 

12 

DbccaiUwHe 

11 • 

H. Rjltari ASoot 

11 

E.T. Tna 

12 

RwWrftm S'raHtt lib 

Ewart Tit Op pk 

1! 

RojdBtdSaaWd— 

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EMOrTnmtM. __ 

Ill, 

RayaUrsstBnk 

U 

FBwW8teiSec_ 

11 

SurteSCtartecfl 

u 

Ftattte.Fb.Cmp 

w* 

TiwceS>4nsiU>- 

11 

FtatU.SCE.Ltri 

ll«t 

U0TI»<rtsweE«.— 

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RofaBtFteMs&Co. 

u 

UterriNrrfKmc— 

21 

Rtent Fraser & Ptn_ 

M 

U«rttfeznH Ba*__ 

11 


tate?S**iUd 11 


ButtftBvt 11 

BwcnwrfrraLuf n 

MrfwaUrvUtd— 12 

bitter Ha* AC 11 

BrH.BtBfMnl.Ea5... 11 

• BnmSkotev. 11 

CLBMNeteM... 12 
11 

Car»to 11 

■ Cta*ttrtaw Ba* 11 


GmfeYiB** m 

a Cans' MMan.._ 11 

HFCTnst&Sanagi 11 

• HateoBa* 11 

fenai*&G«a-TK._. U 

• MSawel til 

C-Hom-ACo U 

Hoit^kOnq • Shangb' 11 

Ltefcte* 11 

MfeeWtepcLtf. U 


WatpK Btttoi Cot 11 
YartstamBa*- U 


11 


UdMBssk. 


v Mtrtis .... U 


• MbbMj o» Uw ActnUng 
Hsims Committee. *7 -ter 

•prau UA*. 1-moBth 703%. 
Top Tter-U^OO* at 3 manta' 
notice 1 0.03V At csH-whea 
£1(1000+ rent* In depoaM. 
tCaH dspostts SXjno at* arer 
sna. 1 Mar^agt bee rate. 
«DmiM dWBsit 


High Low 
161 118 
163 121 
40 28 

80 64 

221 166 
102 55 

138 75 

107. 86 

271 116 

S3 SO 
126 75 

114 57 

176 121 
124 101 
377 280 
100 87 

1035 342 
390 280 
100 83 

91 67 

62 30 

150 67 

340 321 
W 42 
129 65 

JOT 190 
95 67- 


Company 

Am. Brit. Ind. Ordinary 

Ass. Brit. Ind. CUIS 

Armiuga end Rhodes 

88B Design Group (USM) ... 

Bsrdon Hill Group 

Brey Technologies 

CCL Group Ordinary 

CCL Group lipe.Conv. PC ... 

Cnrborundum Ordinary 

Carborundum 7.5pe Pf 

George Blair 

Ind. Rrocisi on Castings 

Isis Group 

Jackson Group .1 

James Buripunb 

James Burrough SpcW. 

Multihouse NV {AmstSEt 

Bocnrd Ridgwey Ordiruny 

Record Ridgway IQpr Pi. 

Robert Jenkins 

Scnittons 

Torday and Cqriinle’ 

Trevun Holdings .... . ... 

U ml ode Holdings (SEJ . 

Welter Alexander - 

W. 5. Yea las 

West York*. Ind. Ho?9-{USM) 




Grose 

Yield 


Pncs Chanqa 

div.(p) 

%■' 

P/fe 

160 

— 

73 

4.8 

9.8 

183 

— 

10.0 

8.1" 

■ — 

35 

— 

.4.2 

12.0 

4J. 

75 

— 

1.4 

1.9 

17.9 

221 

— 

. 46 

2.1 

25.1 

102 

— 

4.3 

4.2 . 

1Z1 

132 


2.9 

2JZ 

?>: 

99 

— J. 

15.7 

189 

' — ' 

266 

“1* 

B.T 

3.4 

1« . 

93 

— 

10 7 

11.5 

— 

87. 

— - 

3.8 

4.4. 

ii. 

114 

— " 

8.7 

6.9 

10^ 

121 

-1 ■ 

18 J 

— 

_ 

119 

— 

6.1 

8.1 

8.1 

385 

— 

17JJ . 

4.7- 

10 3 

87*d 

— 

12.9 

14-.B-. 

■ — 

750 

+35 




39 .7 . 

356 





6 3 

83 


M.1 

17 0 

., »_ 

90 

— 

' 

■ 

JO' 

62 

- 1 

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148 

+ 1 

1 7 

39 

9 0. 

324 


78 

2 4 

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. 28 

3.1 

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12 a 

— 

SO 

3.9 

12-2 

193 

— 

17 4 

9iJ 

.19.3 

09 

— 

5.6 

8.7 

14.7 . 




v:-. 


Granville & Co. Umitcd 

8 LevacLstK, London EG5R 8BP 
Telephone 01-621 1212 ’. 

MeBtberefHMB&A— ‘ 


Grant ilk Da\-tas Coleman Lte nireJ 
27 L*vat Lane, London EC3RSDT.-. 

Telephone 01-611.1212 ./ 
.Mepihw of the Stock Exchange • -r‘ 




. , \ -. - ^ . - . - - f • -CT-.- 7 T ‘T u;# ri ’ '**&■ ."TV.-i 







U 7 


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24hrs . I 


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1 / 


; 5 



Financial Times Saturday March 7 1987 

UK NEWS-LABOUR 


NHS building workers to 


stage strikes over pay 


BY PHILIP BASSETT, LABOUR EDITOR 


NATIONAL Health Service 
buii a mg- workers are to begin 
short strikes at selected 
hospitals from tomorrow night 
following the; breakdown of pay 
talki 

■Negotiations between the 
building . workers’ anion Ucatt.- 
we main union representing the 
s.500 employees involved, and 
Department of Health and 
Social Security management 
ended yesterday with the union 
announcing a programme of 
action. 

This may include an overtime 
ban, withdrawal of co-operation 
with contractors, strict enforce- 
ment of safety regulations and 
ending inter-trade flexibility. 

Individual hospitals based In 
different Ucatt regions have 
also been identified by the 
union for short strikes. The 
union said the strikes- were in- 
tended mainly to be demonstra- 
tive. 


Union negotiators want to 
avoid placing patients in diffi- 
culty and recognise that the im- 
pact of any action is not likely 
to be immediate, but cumula- 
tive. 

Mr Alas Black. Ucatt national 
officer, said after yesterday's 
talks: “We went to this meet- 
ing determined to. avoid indus- 
trial action in the NHS. When 
our members take action as 
from next week the public will 
know that the fault lies with 
our uncaring and discrimina- 
tory employers." 

Ucatt. and the two other 
unions representing hospital 
building workers, the TGWU 
and the GMBU, said the DHSS 
offer, rejected last October and 
followed by a ballot on indus- 
trial action, would create a £29- 
a-week differential between 
electricians and other craft 
workers. 

Ucatt said it had offered com- 


promises at yesterday's talks. 
They included putting into basic 
rates some of an outstanding 
£225 retrospective payment or 
spreading a deal over 15 
months. However, these had 
been rejected by DHSS manage- 
ment. the union said. 

The DHSS said tbe talks bad 
explored modifying the offer, 
but this had been rejected by 
the union. 

The union pressed for officials 
of the conciliation service Acas, 
which has been monitoring the 
position, to attend yesterday’s 
talks, but the DHSS refused. 

The DHSS said yesterday it 
was willing to meet the unions 
again. Acas is likely next week 
to investigate the scope for 
intervention- 

The department is to advise 
health authorities they can 
choose how to respond to any 
strike action. 


QE2 crew acts against union 


BY JIMMY BURNS, LABOUR STAFF 


rl . ■ 


EMPLOYEES of the Cunard 
cruiser QE2 have instituted 
legal proceedings in the High 
Court against the National 
Union of Seainen after claiming 
unfair dismissal from the union. 

Confirmation of the move 
came yesterday as representa- 
tives of the cruiser’s 609 crew 
met senior management of 
Cunard in London to seek 
urgent clarification of the com- 
pany's plans for revised crewing 
arrangements. 

Cunard yetterday said that 
one subject being negotiated 


with the leadership of the NUS 
was the setting up of an off- 
shore crewing agency in Jersey. 

However, dissident NUS mem- 
bers are claming that their 
union acted unlawfully by ex- 
pelling them after they had 
accept an earlier offer of sever- 
ance pay from Cunard. The dis- 
sidents balloted on the offer in 
defiance of a union instruction. 

It was not clear yesterday 
whether the offer still stood in 
the light of negotiations be- 
tween the company and the 
union. 


However, the dissidents, still 
technically employed by 
Cunard. fear that the setting up 
of the employment agency will 
lose them many social benefits. 

Under the draft plan, the 
Jersey agency would act as a 
pilot scheme for the industry, 
gradually replacing the Mer- 
chant Navy Establishment, the 
unionised labour suply arrange- 
ment regulated by the NUS and 
the General Council of British 
Shipping. 

Letters, Page 9 


Civil servants prepare anti-racism policy 


BY HELEN HAGUE 


THE CIVIL and Public Services 
Association, Britain’s largest 
civil service union, has prepared 
proposals for an anti-racism 
policy to combat discrimination 
at the workplace and within the 
union. 

The proposals, drafted by the 
unions anti-racism working 
group, will .be debated at the 
CPSA annual conference In May. 
with the leadership recommend- 
ing acceptance.. 

A key proposal is the setting 


up of race relations advisory 
committees at aU lewis within 
the 149.000-strong union. 


A national committee will he 
mirrored by others at group, 
branch and department section 
level. 


Under the proposals, an 
officer with special respon- 
sibility for race relations would 
be appointed by the union'9 
general secretary. Duties would 
include servicing the national 


race relations advisory com- 
mittee. 

This committee would examine 
the results of ethnic monitoring, 
which many departments will 
complete by the end of lie year, 
and would recommend how the 
data base could be improved. 

The union also proposes 
monitoring promotion and re- 
enument of ethnic minorities 
and reviewing departmental 
training procedures to eradicate 
di'ermination. ___ 


Labour ‘will 
change way 
of counting 
unemployed’ 


By Our Labour Editor 


A FUTURE Labour Government 
would take steps to restore the 
credibility of official unemploy- 
ment figures, Mr John Prescott, 
Labour's employment spokes- 
man, said yesterday. 

Speaking at a Labour Co- 
ordinating Committee rally in 
Sheffield. Mr Prescott said 
•* supposedly impartial " official 
figures had been “ manipulated 
to such an extent that they are 
now little more than Govern- 
ment propaganda." 

But a future Labour Govern- 
ment would restore the statis- 
tics' credibility. Labour would, 
shortly after taking office, pub- 
lish a Green Paper “with pro- 
posals to make Government 
figures more honest and 
accurate," Mr Prescott said. 

“We want to establish a 
consensus which is consistent 
with international standards," 
be said. The proposals would 
include the introduction of a 
more regular labour force 
survey together with the current 
count, based on those claiming 
benfit, aimed at showing preci- 
sely how many people are 
employed and unemployed. 

Though be did not say Labour 
would revert to the previous 
way unemployment figures were 
calculated — - based on those 
registering as available for 
work — he said Labour would 
expand the Jobcentre network 
to “ encourage unemployed 
people to register for work, as 
they bad to do before 1982." 

He said those without jobs 
would be given an incentive to 
register, because the jobs to be 
created by a future Labour 
Government, mainly in the 
public sector, would initially be 
advertised only in Jobcentres. 


Tass warning 
on radar jobs 

By Our Labour Staff 


TASS, the manufacturing union, 
warned yesterday that thousands 
of jobs and a large sector of 
Britain’s advanced technology 
capacity could be threatened if 
US companies were allowed to 
provide advanced radar equip- 
ment for the planned European 
Fighter Aircraft. 

The union said that the 
American attempts, in direct 
competition with Ferranti in 
Scotland, should be resisted. 


TREND OF INDUSTRIAL PROFIT 

ANALYSIS OF 92 COMPANIES 


■ 



Profits 









Net 



No. 

TgflR 

Before Ixl 

Pre-tax 


Tu 


Did. MMs 

CashFkm 

Net C*6«l 

Retm 

Or 

INDUSTRY 

Bf 


t Tex 

Profits 



Omit 





EtwIOKd 

no Cep 

A 

CtfV 




% 



% 


% 


(81 




ID 

m 

0) 

daqjp 

14) 

C) 

dung* 

16) 

daoge 

17) 

(9) 

BUILDING MATERIALS 


_ 

— 

— 

— 






— 

— 

— 



( — > 

1— ) 

(—) 


(-> 

(— ) 


(— ) 


(— ) 


t— > 


CONTRACTING 

6 

7993 

1175 

822 


275 

5X4 


273 


W&M 

■FZ7S| 


BP 

CONSTRUCTION 


0315-6) 

(74JJ 

(423) 

+95.7 

084) 

(235) 

+1263 

(215) 

+293 





ELECTRICALS 

4 

1973 

223 

19.7 


75 

1X4 


5.4 



964 


K 



0655) 

(225) 

(20 JO 

-4.4 

(73> 

023) 

—10.9 

(4.7 > 

+14.9 


(79.7) 


K 

ELECTRONICS 

7 

8383 

1222 

1123 


38.9 

735 


9.4 


833 

299 S 

403 



(61 DJ) 

(6*5) 

(57.4) 

+953 

(20.9) 

(35.9) 

+1053 

(63> 

+492 

(413) 



■X 

MECHANICAL 

6, 

8005 

5X0 

40.9 


136 

261 


92 




»»/'■ 

m 

ENGINEERING 


(7408) 

(483) 

(373) 

+102 

025) 

(22-7) 

+155 

(93) 

+22 




K 

METALS AND METAL 
FORMING 

— 

1=) 

[~> 


— 

C— ) 

Pi 

— 

(— ) 

— 

(— > 

(-4 

C—t 

■ '< 

MOTORS 

1 

126.9 

102 

65 


03 

62 


X4 



■^TVM 


m 


00251 

(7.7) 

(45) 

+44A 

(02) 

(43) 

+442 

(05) 

+1333 

mmm 



K 

OTHER INDUSTRIAL 

2 

49 3 

13_4 

95 


23 

68 


15 


mrim 

ksm 


ME 

MATERIALS 


(413) 

(85) 

0.7) 

+24.7 

fZAI 

(53) 

+283 

02) 

+2S3 




E! 

TOTAL CAPITAL GOODS 

26 

2517.4 

3364 

27X0 


903 

1773 


53.9 



■MhJH 


■u 

(2,67631 

(2266) 

0693) 

+603 

(6X4) 

(10*5) 

+69.7 

C4X4) 

+242 




K3 

BREWERS AND 

4 

1.1193 

127.9 

104.4 


345 

653 


263 




K3l| 

K 

DISTILLERS 


0,02*31 

0085) 

(9X9) 

+135 

(2721 

(60. 9) 

+83 

(2X0) 

+24.4 




E 

FOOD MANUFACTURING 

2 

537X2 

149.4 

952 


368 

573 


33.7 




■ESM 

m 


(4,40621 

013.7) 

(8X5). 

+363 

(283) 

(513) 

+11.7 

(264) 

+27.7 




FOOD RETAILING 

4 

6*0X53 

(5,2754) 

3067 

2785 


843 

1943- 


883 


HEM 

L235.7 . 

■EEB 

VS 


(212.4) 

(2785) 

— 

(725) 

0303) 

+492 

(545) 

+615 


mijy 

I25j| 

IS 

HEALTH AND 

2 

1.4*03 

635.4 

627.4 


212.7 

413.7 


1042 


3523 


465 


HOUSEHOLD PRODUCTS 


04243) 

(4223) 

(4073) 

+543 

(12X9) 

12823) 

+467 

(745) 

+39.9 

(247.4) 


(405) 

EJ 

LEISURE 

2 

1425 

14.7 

123 


A9 

73 


13 


162 

50.0 

■Eni 

bg 


19*3) 

(75) 

(5-9) 

+1173 

(25) 

(25) 

+1800 

0.0) 

+803 

00.4) 

0X3) 

KuHi 

Zfi 

PUBLISHING 

X 

10X4 

103 



42 

63 


23 


■ft 


■ESI 

m 

AND PRINTING 


(95 61 

(Si)) 

+303 

(36) 

(42) 

+452 

0.7) 

+353 


■an 


V 

PACKAGING AND PAPER 

1 

38.4 

63 

62 

+5200 

24 

33 

+5333 

24 

+3003 

25 



■ 


(83) 

(XO) 

(XO) 


(0.4) 

(05) 


(05) 


(03) 

TtYTT 


STORES 

3 

23693 

15X4 

1313 

+585 

4.7 

83.9 

+642 

233 

+553 

933 



m 


0,7063) 

(960) 

(82.7) 


015) 

(5X1) 


04.9) 


(623) 


EZ3 

K 

TEXTILE5 

2 

1275 

12.7 

103 

+2.9 

33 

63 

+15 

25 

— X7 


692 


m 


0193) 

023) 

(105) 


(33) 

(67) 


(2-7) 



(695) 


K 

TOBACCOS 





_ 




.w 



_ 



— 

(— ) 

* 


t— ) 

(— > 

(— ) 


(-) 

(— > 


(— ) 


(— ) 

(— ) . 

TOTAL CONSUMER GROUP 

a 

165555 

X4143 

(9803) 

13766 

(9673) 

+323 

3882 

8383 

+423 

2B4.4 

+42,7 



E3 

K 


043542) 


(291.9) 

(5893) 


0993) 




IPem 


CHEMICALS 

i 

9X9 

4.4 

33 

+55 

X4 

2.4 

EE3 

12 


■M 


■RZM 

m 


(683) 

<4 2) 

05) 


0.7) 

(X9) 


(XO) 





E 

OFFICE EQUIPMENT 
















_ 

i~) 

t— > 



(—1 

(— » 

(— ) 


(— ) 

<— ) 


<— > 


(— ) 

SHIPPING AND 

i 

253 

7.7 

2.7 

+683 



2.4 

+1000 

05 

— 


■frrT 

■FTTV 

R 

TRANSPORT 


043) 

(43) 

(15) 


<— ) 

02) 


(—> 





BS 

MISCELLANEOUS 

5 

■NCTETIB 

■■rvxwto 

■nrja 

+435 

2X2 


+395 

mm m 

+1033 


355 3 

283 

m 



1BhS31 



032) 

BK'LW 


■fln» 


m2M 

(209.4) 

(22.4) 

TOTAL INDUSTRIAL GROUP 

EM 

■rrEr*n| 

y - ;c ,'Kw 


+364 




35X0 

+413 

1 3133 


267 


Sis 






mm 

(2503) 


(7165) 


(223) 

E£ 

OILS 

— 

(-> 

(— ) 

Pi 

— 

(— ) 

t— ) 

— 

(— > 

— 

(— ) 

Pi 

Pi 


BANKS 


(— ) 

(— ) 

Pi 

— 

Pi 

(-) 

— 

(— > 

— 

(~) 

Pi 

Pi 


INSURANCE (LIFE! 

— 

Pi 

(—1 

Pi 

— 

Pi 

t— ) 

— 

(— ) 

— 

Pi 

(-) 

Pi 


INSURANCE (COMPOSITE} 


_ 

__ 



_ 

_ 





— 

— 

— 

<-> 

Pi 



(— ) 

(— ) 

1— > 


(—1 

(— ) 


(— 1 


(— ) 


INSURANCE BROKERS 










__ 

Pi 

__ 

(~) 

(-) 

Pi 

m 


(— > 

(— ) 

(— ) 


(-> 

{-> 



BE 

MERCHANT BANKS 

i 




— . 



K| 

+26.7 






•361 

— 

K 


(— ) 

<— > 

(— ) 

C— > 

(— ) 





<~) 

*00.7) 

(— > 

E 

PROPERTY 

13 


117.7 

763 

+2X5 

25-3 

50.9 

+28.9 

ZL2 

+173 


■SEEM 


WE 


<-) 

(935) 

(622) 


(222) 

(395) 


083) 



Kr'T.H 

KEll 

■fr 

OTHER FINANCIAL 

4 


2853 

1243 


473 

752 


245 




E3S 

BE 


(— ) 

(410.0) 

(85.0) 

+462 


(553) 

+360 

003) 

+2X9 

Ez9 

■t 

wPSm 

Ku 

TOTAL FINANCIAL GROUP 

18 


4023 

20X1 


725 

12B3 




945 

723733 

■EEB 

K 

<— > 

(5035) 

0472) 

+366 

(503) 

(963) 

+S.9 

E2di 

+195 

(713). 

t< 2,7576) 

ESI 

9& 

INVESTMENT TRUSTS 

"l8 


85.7 

723 


23.9 

473 




4.7 


|EEB 

BC 

(-) 

(772) 

(64.9) 

+113 

(232) 

(415) 

+14.9 


+143 

(4.0) 

faSTM 


E 

MINING FINANCE 

1 

33 152 

1583 

110.9 


385 

723 


475 


6X8 

13343 

1X4 

E 


02002) 

0652) 

014.9) 

-35 

09.4) 

(955) 

-243 

(475) 

+02 

(903) 

02315) 

(13.4) 

BE 

OVERSEAS TRADERS 

1 

24X7 

573 

508 


215 

283 


33 


305 



KI 


(2765) 

(533) 

(4X1) 

+17.9 

08.4) 

(22.4) 

+263 

(23) 

+10.7 

(25.9) 



E 


NOTES ON COMPILATION OF THE TABLE 


The eJasdflcattoB is that of the matte and Faculty 
of Acra rio In the oai fr Financial Tims— 

Actuaries Indices. 

Col. 1 glees turnover, uKtahc of VAT irtcss 
otherwise Indicated. 

Col 2 gives prolits before Interest and taxation, 
ttatb to say profits after all dswsMexMf* loan and 
attar interest but before deduc ti ng taxation prari- 


sims and minority interests. 

N. 8. —Certain companies, luctaflng merchant 
tanks, ribcflont houses, Insurance and shaping com- 
panies art exempted from disclosing the Ml 
Mnraattoo retired under the Companies An 1948. 


CoL 3 gives Pre-tax Profit*, ttat is to say profit* 
after all charges including debemom and loan 
interest but before deducting taxation pnwbkn and 
minority Interests. 

Col. 4 groups a If corporation taxation fadtaBng 
Dominion, Colonial and Foreign ItabitVty and future 
tax provisions an e aJM M ng a dj u sun e uu. relating to 
previous yean. 

Col. S glees the net profits accruing on equity 
capital after meeting— 

1— Minority interests. 

2— AU prior ctages— sinktog fund pajama Me. 
and Preference dMdemfc and 


3— Provfatons for staff mtdenwtoyees petaiQM fond* 
Htare this is a stantad annul eftargr anba net 
revenue. 

CoL 6 sets out tta net cost of dMtatd .on cutty 
capital. 

cm. 7 b tta capital generated i«enn% over a 
year's trading. For the partuses of comparfsion 
equity earnings ptos depreciation less equity 
dMounft is tbe recognhed method ol comiaolng this 
figure. 

Col. 8 cons titutes the total net capital empbued. 
Ttts is the total of net fbted assets — excluding 
I nta n gib l es such as goodwill— plus ament assets 


less ament faMIttks, except bank oitrdi 
* For meicliaM banks a more realistic 
quote b tta before* sheet total. 

Col. V represents the net return no 
employed. CoL 2 as a pertenuge of CoL 8 
an bwcaUun of average uroRUbility. 

t Excluding merchant banks, and man 
and composite). 

CoL 10 net current assets are arrived ; 
subtraction of current liabilities and prom 
current assets. 
t No figures given. 


THE TENDER OFFER WILL CLOSE AT 10.00 A.M. THIS WEDNESDAY, UTH MARCH, AND WILL NOT BE EXTENDED THEREAFTER 


Tender Offer 


by 


N M Rothschild & Sons Limited 


on behalf of 


SHV Holdings N.V. 


to purchase Ordinary Stock Units of £1 each in 


Imperial Continental Gas Association 


at 700p 


per ordinary stock unit 


and 8% Convertible Unsecured Loan Stock 1995/2000 of Imperial Continental Gas Association at 252p per £1 nominal of such 
™ Loan Stock 


together with a contingent top-up payment. 


Further copies of the Tender Offer and Form of Tender (upon the terms of which alone tenders will be accepted) may be 
obtained on request from National Westminster Bank PLC, New Issues Department, 2 Princes Street, London EC2P 2BD. 






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Wag LO I B£ S NW.WW4IW.J .«s£L„. i UttUftTL. 


US 














































- — — ^ • -=-_L.__=_ 


Financial Times Saturday March 7 19S7 


FINANCIALTIMES Is 

BRACKEN HOUSE, CANNON STREET, LONDON EC4P4BY 

Telegrams: fi na n t ft no, London PS4Te(ex: 8954871 ' 

Telephone: 01-248 8000 


Saturday March 7 1987 


Now see who’s 
competitive 


THE BIG, economy -wide figures 
do not always tell the really 
interesting story. For both the 
US and the UK, the national 
statistics are mired at best — 
flat retail sales and a car mini- 
slump in the US, a faltering 
retail boom and weak historic 
output figures in the UK, and 
a weak balance of payments 
picture for both countries. 

Some of the details, however, 
suggest a very different picture 
to come. In the UK, for 
example, domestic sales of home- 
built can are more than 25 per 
cent above their level in the 
same period in 1988. Against 
that background, the steady 
trickle of good employment 
news from the industry is only 
what might be expected. In the 
US, one major company, Ford, 
is performing very strongly in 
a generally weak market Effi- 
cient companies can take rapid 
advantage of a favourable shift 
in exchange rates, though others 
may take much longer 

What proportion of com- 
panies really is efficient? This 
can only be guessed with the 
aid of economy-wide figures — 
but the kind of figures which 
suggest what is likely to 
happen in the near future 
rather than providing a guesti- 
mate of the recent past. The 
industrial opinion surveys in 
the UK, which seem to get 
steadily more buoyant every 
month, have been widely 
publicised. 

The purchasing manager sur- 
veys in the US, which provide 
a somewhat similar ear-to-the- 
ground Impression, are less 
widely known; they too have 
turned strongly positive in the 
first weeks of 1987. The pur- 
chasing managers do not seem 
to be such reliable forecasters 
as the CBI membership, but 
their impression was quite 
strongly confirmed in the US 
employment figures yesterday. 
Employment is rising strongly 
again, and so now is overtime 
working in the US manufactur- 
ing sector. This has inspired 
some Wall Street forecasters to 
guess that output growth is 
already rising rapidly, and that 
rising earnings will soon cause 
the consumer market to revive. 

Turning point 

These developments ought not 
to be surprising, for they are 
exactly what economic theory 
would suggest; but the science 
of economics is in such poor 
repute at the moment that 
much comment is emotional 
rather than analytical. More 
attention is paid to talk of de- 
industrialisation or national 
decadence than to a rational 
discussion of the level of 
exchange rates or the stance 
of fiscal and monetary oolicy 

Since we do now seem to 
have arrived at something of 
an international turning point, 
the lagged consequence of a 
major realignment of exchange 
rates, if is worth reviewing 


what economic theory has to 
offer. 

The first point to grasp is 
that the economic importance 
of the exchange rate is not 
really what it means for the 
comparative cost of a basket of 
goods, or a hotel room. In 
different countries, nor is it 
concerned simply with the cur- 
rent account of the balance 
of payments. This was recog- 
nised by the architects of the 
Bretton Woods system of semi- 
fixed exchange rates. They said 
that over-valuation or under- 
valuation could be judged by 
looking at the boric balance of 
payments, which is a combina- 
tion of current settlements and 
voluntary long-term investment 
flows. 

The Bretton Woods system 
was not in principle very 
different from our present 
floating system, though it 
worked much more smoothly 
in practice. It tended to sound 
the alarms not when a country 
had a weak current account 
but when it had a weak 
currency. 

That could well arise — as it 
did for a long time for the UK 
—because international inves- 
tors found the country unattrac- 
tive. There was a semi-perma- 
ment sterling crisis, although 
the current account was near 
balance. By contrast, promising 
countries could attract capital, 
and run large, trouble-free cur- 
rent account deficits for a long 
period. 


Time lag 


The US and the UK now seem 
to be in this position. T3iis is 
the result of both the devalua- 
tion of their currencies and of 
the previous phase of "de- 
industrialisation” (which is 
simply an emotional phrase for 
a searing competitive squeeze). 
The combination works power-, 
fully; profits are easier to earn, 
but managements and their 
workforces have had to learn 
efficient habits during the 
period when profits practically 
vanished. 

There are costs to be borne 
for achieving competitiveness in 
this way, as English-speaking 
holidaymakers will Ieam this 
year if they take their holidays 
abroad. This is a much more 
telling demonstration of 
economic law than simply read- 
ing the league tables for per 
capita GDP. The effect on the 
current account of the balance 
•of payments, a figure which 
attracts a great deal more 
attention than it deserves, may 
become apparent only after a 
time lag of years rather than 
months — especially if govern- 
ments wait for the exchange 
rate change to put the balance 
right unaided. But the effect 
both on growth prospects and 
on profits is quick and unam- 
biguous. That will be worth 
remembering when the current 
euphoria in the equity markets 
boils over. 


T HE American people’s con- 
tinuing fund of goodmfl 
towards their beleaguered 
President was in evidence again 
this week. 

In the wake of a televised 
address to the nation in which 
Mr Reagan as good as adhritted 
that he had not been paying 
attention as his officials 
launched their dubious diplo- 
matic Initiative towards Iran, 
opinion polls showed that public 
approval of the President had 
jumped by fully 10 percentage' 
points from the four-year lows 
struck last weekend after the 
publication of tin damning 
Tower Commission- report into 
the Iran-Contra arms scandal, 
Much as this turnaround will 
delight Mr Howard Baker, the 
newly installed White House 
Chief of Staff, few in Washing- 
ton believe that Ronald Reagan 
can ever again be the com- 
manding political figure be was 
in the first six years of his 
presidency. 

As Mr Reagan escapes to his 
Camp David retreat in the Mary- 
land mountains this weekend, 
where President Jimmy Carter 
retreated before telling his 
countrymen in 1979 that the 
United States was suffering from 
a "malaise," he leaves behind 
a Washington seething with 
speculation. 

How, his political friends 
and rivals ars asking, will the 
continuing shake up of person- 
nel at the White House alter the 
political calculations on such 
issues as the Federal budget 
deficit, economic policy, rela- 
tions with the Soviet Union and 
prospects for the 1988 elections? 

That there will be changes is 
not in doubt; indeed there 
already have been. With a flair 
for political timing which wiU 
serve as yet another warning to 
those in Washington who still 
underestimate him, Ur Mikhail 
Gorbachev, the Soviet leader 
chose the weekend following the 
publication of the Tower Com- 
mission report, when the White 
House was reelizjg in disarray, 
to launch a bold new arms con- 
trol initiative. 

To sceptics in Washington 
who see arms control as a 
dangerous snare and a delusion, 
Mr Reagan’s speedy counter- 
proposal confirmed their worst 
fears. A weakened President, it 
Is suggested, is swallowing 
Soviet bait in pursuit of a 
foreign policy "triumph,” 

Arms control is a particularly 
tricky issue for the President 
and his new Chief of Staff, 
former Senator Howard Baker. 
The subject has already divided 
the Defence Department and the 
State Department caused ten- 
sion in the Western alliance, 
and could yet divide and weaken 
a Republican party whose 
conservative wing worries that 
arms talks could be a step on 
to a slippery slope towards a 
more accommodative approach 
to Moscow on issues ranging 
from regional conflicts in Af- 
ghanistan and Central America 
to the "Star Wars” strategic 
defence initiative. 

It is on this issue above all 
that Ur Baker's reputation will 
be forged. Some on the right 
worry that his voting record on 
conservative issues, coupled 
with bis natural inclination to 
conciliate and build coalitions 
in order to get things done, will 
further dilute the conservative 
thrust of the Reagan presi- 
dency. 

The chunky 61-year-old Baker 
ha$ already had a positive im- 
pact on the White House, bring- 
ing to an institution which had 
been engaged in a dour 
struggle with the Congress and 
the press a badly needed touch 
of openness- 

As the week progressed he 
reached out to all parts of the 


Man in the News: Ronald Reagan 



to the 

rescue, 

perhaps 

By Stewart Fleming, US Editor 
in Washington 


political spectrum in order to 
try to rebuild the White 
House's credibility and forge 
alliances to get the presidency 
actively involved again in 
Washington's political life. 

That Mr Baker can play a 
major role in shaping the last 
two years of Mr Reagan's presi- 
dency Is not in doubt. Indeed 
one judgment being offered on 
Capitol Hill is that his decision 
to eschew a long-shot run for 
the Republican Party’s presi- 
dential nomination in 1988 was 
a political gamble which may 
pay off personally. If he helps 
to revive Mr Reagan's pres- 
tige. Mr Baker could transform 
himself into “the wonder boy 
of American politics.” says Rep 
Henry Hyde. 

But what are the chances that 
he will be able to improve Mr 
Reagan's position beyond the 
short term boost to his fortunes 
which the polls are already re- 
flecting in the wake of his 
speech 

Much will depend on how he 
restructures the White House 
decision-making process The 
Tower Commission exposed to 
public view a White House in 
whimh an absent-without-leave 
Ronald Reagan was displaying 
so little interest in the business 
of governing that he did not 
understand the implications of 
vital decisions he was making 
on Middle East policy, and, 
judging from the Reykjavik 
summit, on US-Soviet relations. 

Many put the blame for this 
squarely on his advisers, in 
particular Mr Donald Regan, 
(he White House Chief of Staff, 
who cut the President off from 
the range of options he had 
been exposed to when Mr James 
Baker (the current Treasury 
Secretary) was Chief of Staff 

By pandering to Mr Reagan's 
intellectual indolence and en- 
couraging his passivity, Mr 
Regan enhanced his own power 
and, it would appear, on some 
issues turned Mr Reagan into 
a puppet President who was 
not even exercising the broad 
Instinctive judgment which 
admirers say are his strength. 

It is too much to expect that 
Mr Reagan at his age. and ip 
less than robust good health 


after his prostate operation, 
can change the work habits of 
a lifetime, whatever friends 
such as Senator Paul Laxalt say. 

But Mr Baker could, as Chief 
of Staff, set up a decision- 
making process to compensate 
for the President's weaknesses, 
just as the White House team 
in the first Reagan Administra- 
tion did, making sure the 
President is forced to concen- 
trate upon at least a narrow 
range of key issues and decide 
on realistic alternatives. 

If Mr Baker does this and, 
working with other members of 
the Administration, brings his 
own skills as a legislative 
tactician to bear, the White 
House could again become a 
vigorous participant in the work 
of the Democratically-controUed 
Congress. 

Where this participation 
might lead is another question. 
There is every reason to believe 
that arms control opponents in 
Washington now face a daunt- 
ing task if they are to block 
the momentum which seems to 
be building towards an arms 
control agreement with Moscow. 

Mr Baker’s known predilec- 
tions, Moscow's evident interest 
in moving the arms control 
process forward, a majority on 
Capitol Hill which seems to 
favour curbing a costly defence 
build-up, all suggest that the 
prospects for a Washington 
summit have improved signifi- 
cantly in the past JO days. Mr 
George Shultz, the Secretary of 
State, will be much relieved for 
it provides him with an agenda 
at a time when he. too, has 
had to absorb some bruising 
criticism. It was announced 
yesterday that Mr Shultz will 
visit Moscow next month. 

It is not just on strategic 
issues, however, that Mr Baker 
is expected to bring a less 
confrontational and non-ideologi- 
cal twist to Reagan Administra- 
tion policy. One Federal Re- 
serve Board official remarked 
that hands were raw with clap- 
ping at the central bank when 
news of Mr Regan's departure 
broke. Mr Baker gels on well 
with Mr Volcker. 

The change means that there 
will not be a White House 






vendetta In the early summer 
to try to prevent Mr Volckeris 
re-appointment in August Mr 
Volcker may or may not want 
to take the job again. If he 
does not, at least a smooth 
transition to a respected 
successor can be anticipated. 

Republican conservatives fear, 
probably with justification, that 
in the weeks ahead the new 
Chief of Staff will move 
decisively to tackle the Issue 
of the Federal budget deficit 
and in order to get the deficit 
on a firmly declining trend 
conceded more openly than the 
President has been willing to. 
That some form of tax increase 
is a necessary ingredient of a 
rational fiscal policy. 

For his part, Mr Baker will 
have great care not to be per- 
ceived as setting up some form 
of regency at the White House. 
Mr Baker has only to remember 
how Mrs Nancy Reagan reacted 
to this sort of behaviour by Mir 
Donald Regan; nor can he afford 
to ignore the conservative right, 
which is stronger in the rank 
and file of the Republican party 
than it is in Washington. 

Even among the ranks of the 
conservatives, however, there 
are those who share the Wash- 
ington consensus that Mr 
Baker's appointment was an 




Inspired political move, 
prompted by Mr Laxalt and 
Mrs Reagan. A reinvigorated 
Ronald Reagan, says Mr Stuart 
Butler of the Heritage Foun- 
dation, a conservative Washing- 
ton think tank, can frame the 
debate on conservative issues. 

This may be wishful thinking. 
Mr David Smick. a Washington 
political consultant, points oat 
that a "lame duck” President 
who cannot stand for re-election 
in 1988 faces, even without Zran- 
gate. an inevitable decline in 
his political influence.. With 
no presidential political agenda 
the Democrats are perceived in 
WasTiington to have the .initia- 
tive on Capitol Hill. “The Demo- 
crats are now seen to be the 
party of ideas,” says Mr Smick. 

Nor can the potential for new 
misfortunes to strike the Presi- 
dent be dismissed. The US 
economy scarcely has a rosy 
glow of health, American 
bankers are threatened by a 
renewal of tensions over the 
Third World debt crisis, the 
trade deficit shows little sign 
of declining and inflation could 
accelerate to the point where 
the Fed has to tighten credit 

The unresolved issues of the 
Iran-Contra affair, in particular 
the paper chase now underway 
to try to discover into whose 
pockets the profits from the 


Iranian arms deal went* will . 
occupy Congress (and the 
President) for months to. come. ■ 

The President’s critfts are \u 
already charging that, in spite ^ 
of a good speech on Wednesday 
night, Mr Reagan ducked, the 
issue of his own past "mis- 
statements,” his . forgetfulness-. ^ 
about when he approved the 
arms deal, and the apparent 
” cover up ” at the White House ; . 
when the Iran scandal first - 
brofcs. Should it emerge in the , : 
public hearings that he is still'-, 
being less than forthright^ the : 
President's greatest political;, 
asset, the personal affection 
many Americans feel for ■ .. 
will not be enough to pull him.j- . 
through- L ; .. 

It is then by no means certain, 
that tbe President will J serve - - 
out his term with dignity,: ;. . 
although his chances have in*-.- • 
proved significantly. The Re- , J " 
publican party, which must 
defend its diminished repre- ^ 
sentation in Congress, must 
hope that former Republican ' 
Senator. Howard Baker, will ber^V 
able to build on the foundations r . 
he and Mr Reagan laid this' ' 
week. If Mr Baker fails, he ~f 
and Mr Reagan may . well- f 
consign the Republicans to a->. 
lengthy period in the political 
wilderness. .vs 


In Papua New Guinea’s misty highlands, armed tribesmen and Australian mining 


THE PEOPLE of Porgera in 
the Central Highlands of 
Papua New Guinea, did not 
know the value of gold until 
the white man came to their 
valley. Now they have 
discovered it with a vengeance. 

As the miners drill into the 
flanks of Mount Waruwari to 
test one of the biggest gold 
deposits discovered since the 
Second World War, scores of 
highlanders have joined the 
hunt, scrambling over piles of 
rock hauled out of tbe moun- 
tain to extract gleaming traces 
of gold. In one recent week, a 
lucky villager earned 40,000 
kina (nearly £30,000). 

The three Australian mining 
companies which control the 
deposit say they could construct 
a mine to be in production fay 
1991, although they have yet 
to commit themselves finally to 
an investment of perhaps $400m 
(£259.3m). Placer Pacific, the 
operating company, and its 
partners Renison Goldfields 
Consolidated and BUM Holdings 
expect to start negotiating a 
mine development agreement 
next year. 

But the prospect of profit 
has already thrust the valley 
into the forefront of political 
debate in Papua New Guinea. 

The debate embraces every- 
thing from the relationship 
between a Third World country 
and powerful multinational 
companies, to the impact of 
modern man, money and 
machines oq a community just 
entering the 20th century. 

While Porgera would be 
much smaller than either of 
Papua New Guinea’s huge 
copper and gold mines at 
Bougainville and Ok Tedi, it 
looks set to be just as contro- 
versial. 

Flying through the moun- 
tains and mists which surround 
the valley, poltical battles are 
tbe last thing on the visitor’s 
mind. The flight concentrates 
the mind wonderfully on the 
difficulties facing the pilot as 
be lands on a rough airstrip 
which slopes uphill to slow the 
aircraft down. On take-off there 
is tbe unsettling sensation of 
nff the ...end of ^ 


executives join in a 20th-century gold rush 


A war 
dance 
at the 
golden 
mountain 

By Stefan Wagstyl 


PORGERA 

GOLD# 

MINE. 

afetiqna 




t M o n d tf 

treoum 


Cloud sometimes cuts Porgera 
off for days from Mount Hagen, 
the nearest large mission town. 
Heavy equipment comes by a 
dirt road, frequently blocked by 
rockfalls. 

Until three years ago. there 
were doubts about whether the 
deposit would ever be devel- 
oped. Although there is a huge 
ore reserve at Waruwari, most 
of it is fairly low-grade. But 
in 1985 Placer and its partners 
struck an underground ribbon 
of ore, so rich that the metal 
gleamed yellow in the drill 
cores as they were pulled out 
of the ground. 

According to the latest sur- 
vey there are 4.54m tonnes of 
high-grade ore, with a grade of 
2 1ST grammes a tonne of gold 
and 23J.4 grammes of silver. 

News of the discovery spread 
through the mountains. The 
VJi *|*«dw , aJiad heard that Ok 

and 


compensation payments to land- 
owners so they flocked to Por- 
gera to claim their rights. 

Payments to landowners are 
fixed by law; so much for a 
tree, a but, a plot oE land. But 
land rights are settled by tribal 
custom and are often a matter 
of fierce dispute between 
groups of families or dans. A 
number of tribal battles have 
been fought with spears and 
bows and arrows In Enga pro- 
vince recently. Four deaths and 
many injuries resulted. 

The writ of central govern- 
ment runs weak in remote cor- 
ners of the Highlands. Although 
Placer has built a police 
station at Porgera. it stands 
empty because police from out- 
side the province are too 
frightened to use it. 

Meanwhile the political 
leaden are staking their claims. 
Last . month,. Mr Ned 


Lain a. Prime Minister of Enga 
Province, said bis government 
wanted to buy a 10 per cent 
holding in Porgera and the 
national Government in Port 
Moresby should help him pay 
for it. 

The arguments in the capital 
are more sophisticated but the 
feeling that Porgera belongs to 
the nation is just as strong. The 
Government has the right to 
buy 10 per cent of the equity 
by contributing 10 per cent of 
the development costs. 

The government stakes in 
Bougainville and Ok Tedi are 
20 per cent but local economists 
have suggested that such equity 
investments are a waste of 
scarce capital in a developing 
country. 

Debates over state participa- 
tion have been overtaken by 
arguments about share owner- 
ship by Individuals. The issue 
has split tite coalition Govern-^ 


ment in advance of a general 
election this summer. It was 
brought to a head by the de- 
cision of MXM Holdings to float 
Its interests in the Porgera 
development in a A $4 00m 
(£1 73.9m) new company. High- 
lands Gold. 

Mr Paias Wingti, the Prime 
Minister, wants to delay the 
float, originally planned far 
March, until after the election 
so as to avoid the scandal which 
surrounded the sale last year of 
Placer Pacific by its Canadian 
parent Placer Development. Sir 
Julius Chan, deputy Prime , 
Minister, then resisted calls for , 
his resignation after admitting 
the purchase for himself and 
associates of fWO.OWl shares, or 
7 per cent of the stock reserved, 
for Papua New Guinea nationals 
in a heavly oversubscribed issue. 

Sir Julius, who has been 
making approaches to opposition 
party leaders about possible 
post-election alliances, wants the 
Highland Gold float as soon as 
possible. His allies say any delay 
would be "a very bad prece- 
dent” 

The Cabinet is broadly agreed, 
however, on trying to extract 
better terms from MIM — In par- 
ticular an increase from 4 per 
cent to 20 per cent in the pro- 
portion of the issue reserved for 
Papua New Guineans. 

Mining is all-important to 
Papua New Guinea. Modern 
economic development lias 
largely been powered by it. in 
particular by Bougainville, 
opened in 1972, and by Ok Tedi 
which started production in 
1984. Bourgainville has been 
profitable, providing as much as 
as half the country’s foreign ex- 
change earnings. Ok Tedi has 
suffered severe financial diffi- 
culties. which led to its tempo- 
rary closure in tOSfi in a show- 
down with the Government. 
Porgera, though smaller than 
the o»hpr two. could prove 
highly profitable. 

That will be good news for 
the men on site at Porgera. 
Pinned to the wall of the mine 
office is tbe motto: “Accursed 
thirst for gold, what dost thou 
not compel mortals. to do?"_ 


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flsHaeial Times Saturday March 7 1987 




The City’s fund management row 


Herd, but rarely seen 


AJfERft 
herd, 
berated 
perfoi 
Who 
In pra 


By Nikki Tait 


rail them the 
Britain, they are 
or seeking short-term 
ice and quick profits. 
Id be a fund manager? 
, tlce, several thousand 
would. - . And their views on the 
latest chastisement from David 
walker, executive director of 
the Bank of England, range 
from outright annoyance to a 
grud ging' admission that the 
system offers little room for 
m manoeuvre. 

“Looking on it as a citizen, I 
do worry about chasing the 
immediate buck,” says a senior 
manager at one of Britain’s 
largest investment houses. 

To understand the short- 
term/iong-term dilemma re- 
quires a grasp of the pressures 
on a professional who ranks 
below both securities salesmen 
and analysts in terms of glamour 
and pay, yet exercises con- 
siderably more influence oyer 
Britain’s industrial perform- 
ance. Who are these most 
publicity shy of City figures? 

Essentially, a fund manager 
is just what he sounds — some- 
one who handles an investment, 
portfolio for an external client 
However, on the one hand, there 
is the division between types 
of fund, from high-profile unit 
trusts or unit-linked insurance 
company funds right through to 
the more stately pension funds. 
On the other, employers can 
range from the giant “invest- 
ment houses” — post Big Bang, 
probably covering the gamut of 
financial services and offering 
in-house market-making capacity 
—to a small non-City unit trust 
group, handling a couple of 
funds. 

Fund managers are almost ex- 
clusively graduates. The 
standard route is to join a Ia^ge 
house as a research analyst, 
learn the investment basics and 
climb from there. 

Oxbridge still carries some 
weight, at least in the City. One 
senior manager, himself a red- 
i brick man, confesses surprise 
[that half the 50 short-listed 
(candidates for this year’s poten- 
tial intake turn out to hail from 
one or other place. “ They have 
a certain reputation,” he says 
with a touch of retrospective 
apology. ** There’s still a hit of 
the ‘go to Eton and you make 
friendships which are useful 
for life*” - 

| Outside London, the story is 
jlifferent "We take who we can 

g comments the investment 
at a large insurance com- 
. Even so, he says that 



t Fund managers should not 
Interfere In the running of the 
business, but they should stand 
realty to exert Influence. 

After all, you are members 
of the company and the board is 
accountable to you. J 


David Walker to pension fund 
managers, February 26 


out of the 50-odd professionals 
in his department only a couple 
have clambered up with just 0 
. or A levels to their names. 

Ask why anypne opts fpr 
fund management, rather than 
selling or analysis, and “ per- 
sonality" is invariably invoked. 
“ If s a job in which you've got 
to be immensely curious,” says 
David Moss, vice-chairman of 
asset management at BZW In- 
vestment Management. * You 
also need people with a degree 
of independence. Motivation is 
often a feeling of pride — you 
know damn well you've done 
a good job even if your port- 
folio isn't in the fop 5 or 10 per 
cent” 

The prospects are not un- 
attractive. By the time a good 
fund manager reaches his early 
forties, bis basic salary might 
have risen to £50,000 with 
performance-felated bonuses 
adding another 30-50 per cent 
There will probably be a 
subsidised mortgage, a car and 
the usual range of perks. 
Hours, stretching from perhaps 
8.30 am to 5.30 or 6 pm, are 
not the City’s most unsocial. 

All of which, in the fund 
management world, is progress. 
The entry of American houses 
into the UK, spurring on the 
established organisations, has 
helped transform managers into 
the not-so-poor relations of the 
industry. “ Rises have not been 


as steep as for brokers, but 
the market has improved" say 
recruitment consultants Baden- 
och and Clark. “Increasingly, 
the performance of someone’s 
funds will dictate his bonus at 
the end.” 

Whispers in the industry say 
the large merchant bank/ 
financial conglomerates are los- 
ing funds to the independents 
because clients suspect a con- 
flict of interests. Certainly, 
more groups are distancing 
their fund management arms — 
witness Warburg’s decision this 
week to float off Mercury Asset 
Management as a separate com- 
pany. 

Even so, the fund manage- 
ment profession is considerably 
more stable than that of stock- 
brokers' analysts or investment 
salesmen. This is partly put 
down to the promotion of 
houses rather than individuals, 
and partly to the fact that the 
profession has a dear pro- 
motional ladder. 

“An analyst can go on being 
the world's expert on widgets 
forever and only advance by 
moving, we're in a more struc- 
tured profession ” is a typical 
response. “Promote individuals 
and the chances are they'll be 
poached ” may be just as close 
to the truth. No one can re- 
member a case of a fund 
manager changing houses and 
taking funds with him — some- 
tiring which is prevalent in 


broking, even merchant bank- 
ing — though some suspect 
that, after a few years, well- 
fostered clients may follow. 

What has not changed — 
indeed, if anything, deteriorated 
— is the link with industry. 
According to recruitment con- 
sultants Michael Page City, 
the odd graduate in his 20s, 
having started in industry, 
may cross to an analyst's 
position and subsequently move 
into fund management. But 
pass 30 and the barriers are 
almost impenetrable. 

More significantly, once into 
fund management proper, trips 
north of Watford become a 
rarity. Pilkington, the Mersey- 
side glass-maker whose defence 
against the unwanted BTR bid 
did much to generate the cur- 
rent round of “ short-termism ” 
flak, says the sight of a fund- 
manager in St Helens is “a 
rarity ’’ — and he is probably 
accompanying an analyst 
colleague. A typical City-based 
manager reckons one company 
visit a week might be ideal but. 
in practice, one a month would 
be good going. 

But the key element which 
underlies all these restrictions 
is the pressure to perform: " an 
unhealthy obsession " in the 
words of one. 

More than 400 pension fund 
trustees subscribe to the WM 
rankings — the most widely used 
Jeavue tables of pension fund 
performance, pumped out 


annually by WM Company 
(once part of the stockbrokers 
Wood Mackenzie and now in- 
dependent). Unit trust or unit- 
linked funds hit the limelight 
every month in savings maga- 
zines and personal finance 
columns. 

And there is no doubt that 
money, even in the pensions 
world, switches. Typically, a 
pension management contract 
will be on a three to five-year 
renewable basis and if. at the 
end of that, the fund is not in 
the top quartile — even decile — 
the fund manager will lose the 
business. 

How quickly action is taken 
when performance lags is a 
moot point “ It's a whole man- 
management process,” com- 
ments Mr Trevor Pullen at the 
Pru. “Some fund managers are 
long-sighted investors and can 
see situations developing on a 
two or three-year view. Others 
will try to be closer to the situa- 
tion and get in at the turning 
point.” 

Patience is constrained by 
client demands. On high pro- 
file unit trusts, to trail your 
competitors for six or nine 
months may necessitate 
action; even on a pension fund, 
two years is seen as the upper 
limit. 

“There is an element of truth 
in the debate,” says one mana- 
ger candidly, “but if you’re 
running a pension fund, the 
trustees want short-term per- 
formance. Then, if someone 
bids for their company, they 
suddenly expect you to take 
tlie long view. I know we own 
the companies, we're not just 
people holding bits of paper; all 
the same, the pressures are on 
us.” 

Many managers go further 
and point out that there is 
actually a legal obligation to 
do the best for a client: “There's 
such a thing as fiduciary duty, 
and there’s a fairly clear-cut 
responsibility to do the best for 
trustees. The long-term indus- 
trial good is a rather nebulous 
concept” 

That, of course, is an aspect 
Mr Walker did not overlook. 
Along with strictures that fund 
managers should exercise their 
influence on inadequate boards, 
he had plenty of advice for trus- 
tees. “It is Important that 
trustees should give fund mana- 
gers realistic objectives. . . . 
Trustees should not press or 
expect their fund managers con- 
sistently to achieve the top 
quarttie." 


West End theatres 


When a free market 
is not the ticket 


By Antony Thomcroft 


THE PHANTOM of the Opera 
is the hottest show in London’s 
West End. You have to go back 
six years, to the early days of 
Cats, for a comparable rush on 
the box office. But you can see 
Phantom tonight — at a price. 

A. call to one of the numbers 
listed among the classified 
advertisements in daily news- 
papers might produce a pair 
of seats for £150 — for a 
restricted view. A wander into 
one of the ticket agencies that 
have sprung up in Shaftesbury 
Avenue and Charing Cross 
Road could yield a single ticket 
at £100— plus VAT. And if you 
turn up outside Her Majesty's 
Theatre in the Haymarket just 
before 7.45 pm, a tout will offer 
you tickets at up to £200 each, 
depending on how affluent you 
look — and how much like a 
tourist. 

If you wait until March 28, 
when Sarah Brightman makes 
her final appearance in the 
musical, yon may be asked £300 
for your £20 stall seat. 

Of course, you can he patient 
and apply to the box office for 
tickets. A new booking period 
has just opened, for the autumn 
and early 1988, and while 
Saturdays before Christmas are 
virtually fully booked there 
are seats available on other 
nights. 

But overseas visitors to 
London, who make up more 
than 40 per cent of the audi- 
ence for a glamorous sbow like 
Phantom, cannot wait. They 
must take their chance in the 
free market, which means 
putting themselves into the 
hands of the touts. 

Ticket touts, and even ticket 
agencies, have enjoyed a boom 
in the past two years as a con- 
sequence of legislation which 
was intended to protect con- 
sumers. Before this was 
passed, the Society of West End 
Theatre (SWET). a grouping of 
the top producers, had a cosy 
arrangement to advance seats 
to the leading ticket agencies, 
who then sold them to the 
public at a fixed commission. 
In 1985 this was declared a 
restrictive practice. 

By throwing open the market, 
the Restrictive Practices Act 
has played into the hands of 
greedier middlemen. Of course, 
for most shows there .is no 
problem. Although, paid atten- 


dances in the West End last 
year, at around 10m, were com- 
fortably ahead of the 8.9zo they 
touched in 1983, there is no 
tearaway increase in demand. 
The fall in tourism in 1986 
ensured that the 1985 peak of 
10.8m, with a gross box office 
revenue of more than £ 10 Qm, 
was not repeated. 

Afte r the abolition of the 
SWET cartel, theatre producers 
have been forced to sell tickets 
to anyone. This has had some 
positive effects, such as the 
appearance of companies like 



■£200 ■ 

UijJkkjaeJkkt.K 


Ticketmaster and First Call, 
which provide a 24-hour credit 
card booking service, supple- 
menting over-worked theatre 
box offices. But it has also 
spawned many dubious agents. 

Often the new agencies 
operate from smart premises in 
major thoroughfares, doubling 
up as bureaux de change and 
travel agencies. By offering 
immediate availability, they 
tempt tourists and take business 
from the traditional agents, 
like Kei-th Prowse and Edwards 
and Edwards, who keep to more 
modest mark-ups. There is con- 
cern that the newer agencies, 
with their higher profit margins, 
will force the traditional ones 
out of prime sites in West End 
hotels through their ability to 
pay higher rentals. 

SWET, and the local and 
national tourist boards, are 
concerned at the number of 
complaints they receive from 
tourists about high ticket prices 
for London shows. The theatre 
has always been a major attrac- 
tion of London and. in compari- 
son with Broadway, tickets have 
been modestly priced. 


Now this advantage is 
danger. Only about 20 per ce 
of tickets are sold throui 
agents, but they tend to be ti 
higher priced seats and to 
to visitors, who find it hard 
get redress. 

By furious lobbying. SW1 
has managed to persuade t 
Department of Trade a 
Industry to add a clause to t 
Consumer Protection Bill. » 
slowly passing through Pari 
meat requiring the price to 
marked on the ticket If ci 
tomers are made aware of t 
premium they are paying, th 
have less cause for complain 

But while theatre product 
are doing their best to ah 
tourists to the dangers of bei 
ripped off, by publicity leafli 
in overseas travel agencies a 
in airline magazines,' they mi 
share responsibility for m 
practices. 

Stories about excessive prii 
being paid for tickets help 
promote a show. Produc 
control the number of tick 
they sell to agencies. For th< 
it can be guaranteed money 
advance. 

Cameron Macintosh, the p 
ducer of Phantom, says he t 
down the percentage of se 
sold through agencies to 1 
than 20 per cent Howev 
other producers are reported 
have made deals with the s< 
confessed King of the toi 
Stan Flashinan. 

Unscrupulous agencies obt 
tickets from Flashman, 
applications to the box ofl 
(there is no restriction on i 
numbers sold to each enquir 
and by buying daily retur 
Good seats for a Saturday ni; 
can pass through many han 
with many profits taken, bef< 
they reach the customer. 

By opening up the West I 
ticket market to competiti 
the Office of Fair Trading 0 \ 
looked the fact that in t 
market there is limited supj 

Real problems only ai 
when a show is a tremendi 
success. Touts can be left w 
an embarrassing surplus Wl 
a production fails to live up 
its publicity, as in the case 
Chess. While a handful 
West End shows can commi 
a premium on ticket prii 
more aTe offering seats at 1 
price through the ticket ho 
in Leicester Square. 


1 ft 


Non-insider 


tom Mr t Ferguson ■ 

._r, — While title echoes and 
i sequences of Big Bang and 
; ethics of insider dealing 
jtinue to rumble around an 
tious City, there is one. area 
Were a mass of small investors 
sta to be taken to the proven 
M cleaners without a 
nframr. The Stock Exchange 
wiles to dealing periods for a 
fitf account day 10 days after 
tnlast dealing day. ■. 

1 is a not Infrequent experi- 
enl to find settlement of a sale 
doL not come .through . until 
nekr the next account date. 
Wfle one would very much 
heate to suggest that this is 
de lie rate, there are some 
i moose stuns of money tied 
upp the accounting system 
whit are likely to be gaining 
inteist but not to the advan- 
tages the seller. While there 
are Jevitably going to be some 
problms with such a number 
of (filings, the frequency with 
whici delays occur may per- 
haps indicate some financial 
disineptive for prompt pay- 
ment [ Conveniently one sees 
cons! arable promptness m the 
debitiiit of an account for a 
purchae Is there no way 
that sire automatic penalty 
may be Vplied for tardiness • 
payment? It would seem quite 
possible iat the amount of 
annualiseclost interest in this 
way may make the gams or 
insider deling look positively 
trivial. 

Ian Ferguso, 

4 Burns Cert, 

Marine Parie, 

,X> owlish , Dean. 


A motor's 
needs 


From Dr M. loioerday 

with 

Sss^ tJ SS 

{Sot she mfie «?eefc 

xi — jar Post 'age m foe wees. 
Tbruary 21. 


Van der P 
end FT of 

vital Somatic washing 

and a maim. ty nurs * 

^ -rears I have been 

For .W SST what foe 

atruR * bn *Lii ‘‘Baby b3ues 

moderns £*u exbaus- 

which is rJJJLj- system which 
5 on an upset condi- 

- \uffi! 

con ' 


review ati I a ® p osL 0 f whom 


for 


io Lucia |^f a r r P< re3der- . 

briJSw 

1 hope 4 itt-psagis 


Letters to the Editor 


and re-read time and time 
again. 

Marjorie H. E.'Flowerday (Dr), 
Moor View Bouse. 

Butts Bill. 

Totley, Sheffield* 


Weighted 

ranking 


From Suzanne Wittebort 
Sir,— Contrary to the asser- 
tion made "by Mr Keith" Brown, 
director of research at Green- 
well Montagu (February 18), 
Institutional Investor does 
indeed publish a weighted r ank- 
mg of top analysts at UK 
securities firms, in addition to 
the simple ranking reported on 
February 13. Our ranking does 
however differ slightly from the 
one proposed by Mr Brown, in 
that four points are assigned to 
first-teamers, three to second 
placers, two to third runners, 
and one to runners-up. 

The results for the top ten are 
as follows: 

Weighted , 

ranking Points 

1 Jamas Capa! ** 

2 Barclays da Zoeta Wodd .— 4* 

3 Scrimgaour Vieksre 37 

4 Wood Mackenzie 3B 

5 Hoars Goven 3* 

6 Phillips &. Omw - 31 

7 County Securities^ » 

8 Alexander* Leing & Crwcfcahank 22 

Groan well Montagu Securities ZZ 

10 Kites* * Aitken - . *0 

Warburg Securities 20 

Suzanne Wittebort, 

( Assi stant Managing Editor, 
London Bureau Chief), 
Institutional Investor. 

56 Kingsioag WC2. 


Approach to 
toe Chunnel 


From Mr M. Nyren . . . ■ 

Sir, — Despite their internal 
troubles, the City’s fin atKrail 
institutions are still pretty 
shrewd at spotting commercial 
weakness. Their less than whole- 
hearted support for the Channel 
tunnel should therefore surprise 

no-one. _ 

Neither should we he sur- 
prised when the tunnel con- 
sortium has similar difficulty in 
attracting top people to its top 
jobs. The terms Fm sure are 
generous, but the job, challeng- 
ing though it be, lacks the one 
important element at that level: 
public esteem. It is not a role 
which fos public m general 
regard as either worthwhile, or 
even necessary. (Unlike for 
instance the restructuring of 
British Leylaod or British Air- 

wavs— even being PM.) 

The Channel tunnel s prob- 
lems are exactly what we should 
expect on a project which 
although feasible and exciting 
technically, is weak commer- 
cially, and moreover Is widely 
regarded in Britain as neither 
a priority for the economy, nor 


desirable socially or environ- 
mentally. They are the outward 
and visible signs of. a national 
disquiet about the project which 
at present finds no adequate 
form of political expression. 

When is one of the main 
opposition parties going to 
recognise that the key to 
success in the coming election 
is to scrap foe whole tunnel 
idea and replace it with widely 
spread mid imaginative- plans 
for more rebuilding on our 
deselect land? Even a promise 
of foe open public scrutiny so 
cogently proposed by Mr 
McCluskie would swing my 
floating vote. 

Michael Nyren, 

Court Lodge, 

Bella Yew Green* 

Sussex. 


Piggy-back 

traffic 

From jfr D. Davies 

Sir, — Reference is made to 
the various letters published in 
your paper since February 21 
regarding rail transport and the 
Chunnel none of which mention 
foe inability of foe present 
plans to cater for piggy-back 
traffic the use of which would 
relieve the road of many 
juggernauts. 

While it is true that the 
present plans allow through 
traffic by way of containers on. 
waggons the present gauges are 
such that 12 metre trailers 
cannot be accommodated on 
r ag waggons such as foe French 
piggyback (Kangaroo) system. 
Going hack in time, the earlier 
Chunnel which was abrogated in 
1974 would have bad a new 
track between foe Kent coast 
and London which would have 
accommodated piggy - back 
traffic so that many trailers 
would have been taken off the 
Kent roads. Further, it was also 
envisaged that there would be a 
link between this track and tile 
north west of London (circa 
Neasden) so that trailers com- 
ing down Che Ml could be put 
onto rail waggons in foe north 
west suburbs of London and 
then taken through the south 
east of England to their destina- 
tions in France. Italy, Germany, 
etc, by rail and the Chunnel. 

If one looks to foe years 
ahead surely one should plan 
on foe basis that rail freight 
traffic be expanded so as to re- 
lieve the roads of heavy trailers 
and to help in respect of en- 
vironmental problems,' this can 
only he maximised by way of 
a railway structure which allows 
a proper piggy-back service to 
operate whereby trailers can be 
put onto rail waggons and taken, 
from many places in Britain to 
Continental centres, While it 


may be that this would cause 
considerable expense in foe first 
instance it would surely be to 
foe ultimate benefit of the 
country. Eventually, one could 
envisage trailers being put onto 
rail waggons in Scotland and 
being v/hizzed by rail through 
England and foe Chunnel to 
places such as Milan. In the 
first instance, a start should be 
made by way of an appropriate 
track between London and foe 
Channel link. 

Bearing in mind the kind of 
investment in track which the 
French have made in recent 
times it is surely possible for 
us, at the very least to have 
an appropriate track, for piggy- 
back traffic, between London 
and the Channel link. 

Donald Davies. 

49 Queen Victoria Street, EC 4 


Inquiry at 
the NUS 


From the General Secretary, 
National Union of Seamen. 

Sir, — The case against foe 
National Union of Seamen as 
seen by what is described as 
“foe hard left" as well as by 
himself, was the subject of a 
long report by Jimmy Bums on 
March 2. 

The nub of this not entirely 
accurate account of recent NUS 
history is that those who claim 
to have “evidence" of ballot 
rigging trust neither foe NUS 
nor the TUC "to manage an 
investigation, which if the 
allegations are proven, points 
an accusing finger at foe very 
heart of foe movement's organi- 
sational structure” ie foe con- 
duct of trade union ballots and 
the election of governing bodies 
and executive officers. 

It is difficult to know who the 
dissident members do trust. 
Certainly journalists and the 
newspapers they write for were 
not so favoured until quite 
recently. Neither apparently do 
foe dissidents trust themselves 
since on several occasions they 
have changed the terms upon 
which they would agree to any 
inquiry into foeir allegations 
being conducted. 

The fact is that the indepen- 
dent inquiry foey called for is 
now under way. There is no 
nobbling, no nods and winks, no 
arm twisting. Complete access 
to our records, procedures and 
personnel is being given. Mem- 
bers with or without evidence 
will be interviewed. Regrettably 
the dissidents’ “evidence 
remains unproduced. 

The independent inquiry 
report will be published and 
widely distributed within the 
union. The TUC will have 
copies. Interested journalists 
will get copies. The dissidents 


will get copies. The executive 
council will get copies and 
decide what action should be 
taken in the light of the report’s 
findings. A special general 
meeting will discuss foe report, 
if this course of action is 
recommended . by the inquiry 
team. 

The report of the independent 
inquiry cannot therefore be a 
secret document. Given foe 
interest in. its subject matter 
and foe implications this may 
have for the Labour movement 
at this time neither can it be a 
fudge. It cannot avoid facing 
up to foe implications of the 
evidence, however uncomfort- 
able this may be for foe union, 
foe TUC or the dissidents 
themselves. 

So far the dissidents will have 
a ballot rigging inquiry only on 
their own terms. Those pro- 
posed by ourselves and the 
TUC are not good enough for 
them. This tactic keeps their 
complaints in the public eye, 
glorifies foe dissidents as the 
protectors Df trade union 
morality and links the NUS 
and the TUC as foe guardians of 
electoral corruption. It keeps 
the anti NUS pot boiling while 
the original allegations based 
on unproduced “evidence” 
survive unexamined. One has 
to wonder who is really afraid 
of an independent inquiry. 
Sam McCluskie, 

Maritime Howie, 

Old Town SW4. 


Paying for 
electricity 


From Mr R. Crum 


Sir, — So electricity supply is 
obtaining higher profits? Tm 
not surprised. 

I’ve just paid my quarterly 
hill. I read with interest the 
idea of making monthly pay- 
ments, and looked at foe figure 
they produce, calculated 
" especially " for me. Tm 
invited to pay £33.50 a month, 
that’s £402 over the year. My 
present bill is £91.56, so over 
foe year it would cost £366.24. 
That would mean I would be 
paying about 10 per cent for 
foe service. Well, -perhaps 
that’s not too had. 

Hey, wait a minute! My 
present bill is for foe winter 
quarter and is at its peak. Let’s 
see. My annual hill is only 
£296.15, prices are frozen so it 
should stay foe same, and Tm 
being invited to pay £105 ahead 
of consumption to maintain 
foeir interest-earning capacity. 

Yes, friends, it’s that old 
favourite, hand out your money 
to your friendly neighbourhood 
monopoly again. Now Fm all 
for efficiency, but this Is a con. 
Perhaps the electricity consul- 
tative committees and Age 
Concern should take a look at 
it. I can just imagine some 
pensioner being taken for a 
ride on the “ ease of payment ’’ 
Idea. 

R. E. Crum, 

89 Half Rood, 

Norwich, 


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IRISH 

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imkltopei US 

UHdrn 3§S> 



10 


Fi nancial Times Saturday March 7 19*7 


UK COMPANY NEWS 

Clay Harris looks at Ladbroke’s £294m rights issue 

Concentrating on the heart of the matter 


Ladhroke is adamant that it 
is not crouched to pounce on a 
major acquisition target. 

The £294m proceeds of the 
UK’s largest rights issue for 10 
months are earmarked instead 
to develop the diversified leisure 
group's four core businesses: 
hotels; property; retailing: aud 
racing (as Ladhroke prefers to 
describe an operation still 
heavily dependent on betting). 

“ The kind of things that have 
been bandied about in the past 
few weeks — that we might bid 
for Vaux or bid for Great Port- 
land — are just nonsense.” Mr 
Cyril Stein, chairman and man- 
aging director, said yesterday. 

Any acquisitions will be in its 
four main activities, Mr Stein 
said, and none is likely to 
exceed double figures in terms 
of millions of pounds. 

The rights issue, nevertheless, 
will give Ladhroke the flexi- 
bility to change its mind if an 
irresistible opportunity arises. 

The disclosure yesterday that 
Ladbroke was considering an 
offer for its 20 per cent stake 
in Central Independent Televi- 
sion gave substance, moreover, 
to the group's expressed inten- 
tion to sell non-core businesses 
that had reached maturity. 

There is undoubtedly still a 
lot of haggling to come on the 
Central front, with Mr Stein 
spurning an offer already at a 
premium to the £ 2 4m market 
value. But house cleaning of 




Ladbroke 


'*■ ... 


Wh 


- .. I*. - J 


Xfh - I 


Mr Cyril Stein, chairman of 
Ladbroke 


100 - Pro-tax em- 

Mill 


1982 83 84 86 86 


tliat sort will provide an addi- 
tional source of funds to be 
ploughed back into the most 
profitable fields. 

Ladbroke's immediate aim, 
however, is to rebuild its 
balance sheet and secure a 
balance between short-term and 
long-term earnings. 

The group will continue the 
heavy pace of capital expendi- 
ture, although it is unlikely to 
reach last year’s level of £300m. 


Most will go into hotels and 
property, two sectors from 
which the payback takes a 
longer time to feed through. 

In the buoyant DIY reta il ing 
sector, on the other hand, 
capital investment can show a 
25 per cent return in the first 
year. Mr Stein pointed out. 

Ladbroke yesterday spelt out 
its strategy for each of its core 
operations. 

• Hotels: Further expansion is 


planned in key cities in the UK 
and elsewhere in Europe, with 
emphasis on the business and 
conference market- 
. In addition to new hotels 
such as the Langham in London, 
which is to be bom again as a 
400-room luxury facility after 
decades of use as BBC offices, 
the Ladbroke International at 
Manchester airport and the 
Ladbroke in Portsmouth, the 
group is refurbishing and 
expanding several others. 

These include the Boyal 
Kensington (bought last year!, 
Sherloch Holmes, Park Plaza 
and Ladbroke — formerly Curzon 
—In London, ibe France et 
Choiseul in Pari*, and Royal 
Berkshire at Ascot. 

O Property: Expansion is plan- 
ned .in the US and the UK. 

including major developments 
in Washington, London and 
Birmingham. 

• Resiling: Texas Homecare. 
the DIY group bought for 
£195m last March, will increase 
its selling space to more than 
5m sq ft with the opening of 
an additional 29 UK superstores 
this y*»*r. Twenty were opened 
in 1986. 

• Off-track betting: Ladbroke 
intends to build on the strength 
of its market leadership in 
Britain. Belgium and the 
Netherlands and its established 
US oresence. 

The market accepted yester- 
day's issue with equanimity, 


LADBROKE PUTS ON 35% TO MOVE PAST <£100NI 


Ladhroke Group, the hotels, 
property, racing and retailing 
group, reported pre-tax profit 
up from £75. lm to £101.3m — an 
increase of almost 35 per cent 
for the rear to December 30 
1986. 

At the same time, the com- 
pany announced a rights issue 
to raise about £294m designed 
to secure a balance between 
short and longer-term earnings 
growth while maintaining 2 
strong balance sheet. 

Group turnover rose from 
£1.34bn to £1.77bn and operat- 


ing profit emerged £41.4m 
higher at £130.7m. 

Ladbroke’s hotels and holi- 
dav sector produced profit of 
£27.2 m. up from £24.6m last 
time: property after interest 
recorded £21. 4m compared with 
£ 18 m: racing profit moved up 
£14. 3m to £49.5m; and retail 
turned in £21.9m, almost three 
times more than, last year's 
£7.8m. 

The full year results included 
a 37-week contribution ■ of 


£13.8m from Texas Homecare. 
the' principal 'subsidiary of 


Home Charm which La broke 
acquired for £195m in March 
last year. 

Extraordinary profit of £22m 
(nil) arose principally through 
the sale of the group’s bingo 
clubs and amusement arcades 
in June 1986 and the sale to 
Granada of Laskys for £30m 
last October. 

. .An increased interest charge 
of £29.4m (£14.2m) reflected 
the ongoing capital investment 
made primarily in the core busi- 
nesses of the group. 

After a higher tax charge of 


£ 36.8m (£29.2m) earnings per 
share moved ahead from 21.21p 
to 25.02p. Profit attributable to 
shareholders virtually doubled 
from £43.2zn to £S4.4m. 

The directors are proposing a 
final dividend of 7p (6.25p) 
making a total of 12.5p (11.25p) 
for the year. 

The rights issue will offer 
81m new ordinary shares at 
375p per share op the basis of 
three new ones for every 10 
ordinary shares held at close of 
business on March 5. 


trimming only 2p off the shares 
price to 429p — partly because 1 
the plans appear to have leaked 
earlier in the week. ! 

Mr Stein joked yesterday that 1 
institutions had received a 
“ double discount.” If the price 
had not slipped from Tuesdays 
level of 450p. the Issue might 
have been priced as high as 
400p, he said. 

Even at 375p. the three-for- 
10 issue was priced at a tight 
11.6 per cent discount to Thurs- 
days close of 431p. . 

Loose lips aside, Ladbrokes 
decision to call for cash was 
not unexpected. By the end of 
last year. Ladbroke's gearing 
had risen to 77 per cent Mr 
Stein indicated to analysts yes- 
terday that the. company would 
be more comfortable with a 
ratio closer to the 61 per cent 
figure at the end of 1985. 

Nevertheless, one analyst said 
that his colleagues were " rather 
surprised that borrowings seem 
to have got so high." By Feb- 1 
ruary, net borrowing bad grown 
to about £560m from £350m at 
the end of 1985. 

The gearing level was not j 
unusual for a company with ' 
considerable property interests 
but it- might reduce flexibility 
to take advantage of acquisition 
opportunities. 

The rigbts proceeds would 
save about £20m in interest 
costs this year. 

Ladbroke appears on course 
to maintain its record of above- 
average growth, with one 
analyst yesterday predicting an 
advance in earnings per share 
to nearly 30p this year from the 
25.02p stated by the company 
for 1986. 

Pre-tax profits could breach 
£150m from the £101m achieved 
last year, he said. 


MEPC to 
face straggle 
for control 
of Oldham 


London Park agrees 

1 

to £38m Mount 
Charlotte offer 


M. 




♦! : 


By Paul Cheese right. 
Property Correspondent 


BT TERRY POVEY 


Analysts warned yesterday, 
however, that Ladbroke was a 
leisure share for the long-term 
portfolio. The issue may have 
gone down well yesterday, but 
the market was likely to show 
twinges of indigestion. 


18m shares in 
Blue Circle sold 


Abaco set for £8.5m purchase 


By Nikki TaH 


BY PHILIP COGGAN 


A <5 18m shares in Blue Circle 
Industries, the UK’s largest 
cement manufacturer, went 
through the stockmarket yester- 
day speculation grew that 
Adelaide Steamship. the 
Australian investment company 
headed by Mr John Spalvin* 
had placed its 6.8 per cent 
stake. 

Morgan Grenfell, the mer- 
chant bank acting as Adelaide’s 
advisors in London, refused to 
make any comment on the 
tradinc. Blue Circle itself said 
it had^ received no official con- 
formation of any sale; it had 
also been unable to get any 
indication from Adelaide or its 
advisors as to whether the 
rumours were true. 

Adelaide last had a notifiable 
holding of around 8.82m shares, 
and speculation suggested that 
if the shares had been placed 
through a market-maker, the 
roiume figures would roughly 
equate to the buying and 
placing out of the same bundle. 

The Australian company first 
disclosed a stake in BCI in mid- 
November when they were 
trading ata round 850p. Yester- 
day they gained 20p to 718p. 


Abaco Investments, the fast 
growing financial services 
group, is expected to announce 
yet another acquisition on 
Monday — that of Trundle, Heap 
and Baker, the loss-adjuster. 

Abaco already owns the 
Toplis and Harding loss-adjust- 
ing group, which it bought for 
£ 12.2m in June last year, and 
which forms one of the three 
group divisions— the other two 
being personal finance and 
commercial agency. 

Consideration for the acquisi- 


tion is expected to be around 
£8.5m and the move will rein- 
force Abaco's status as the 
second largest loss adjuster in 
the UK. 

Abaco has expanded remark- 
ably fast since Mr Peter Goldie 
and Mr Cameron Brown from 
Guinness Mahon, the merchant 
bank, moved in to the struggling 
property company, Greencoat 
Properties in 1983. 

A spate of acquisitions in the 
financial services sector has 
taken the company from a 


market capitalisation of £5m in 
1983 to around £I43m now. In 
February, the group announced 
interim pre-tax profits up from 
£151,000 to £2.13m. 

British and Commonwealth 
Shipping has a stake of around 
23 per cent m Abaco and 
Standard Chartered has a hold- 
ing of just under 13 per cent. 
Mr John Gunn is the chief 
executive of B «u>d C a non- 
executive Abaco director. 


Argyle Trust 
in talks on 
possible bid 


Harvard Securities buys 
8% of Derek Bryant 


Mecca Leisure 
on target 


BY JANICE WARMAN 


TFB/CPU 

Technology for Business Is 
acquiring the systems divisions 
of CPU Computers and not CPU 
itself as reported yesterday on 
the 'basis of an inaccurate 
agency announcement 


Harvard Securities, the OTC 
marketmaker. has bought a 7.86 
per cent stake in Derek Bryant, 
the Lloyds insurance broker. 

Charles Mitctrel, associate 
director at Harvard, said he was 
confident that the company 
would show a strong earnings 
recovery in 1987 under the 
direction of the new chairman, 
Mr Richard Seymour. 

Mr Derek Bryant, the former 
chairman, died in March 1986. 
Pre-tax profits to December 
1985 had been static at £1.44m 
after the loss of an important 
US account and the decline of 


the dollar. 

Mr Seymour said he hod 
closed one operation in the US 
and was looking carefully at 
others. Bryant gained around 
90 per cent of its business from 
the US, and he hoped to reduce 
its dependence on the dollar. 

He . was also looking to 
aojuire more British broking 
companies in the next few 
weeks: 


Bryant is due to report its 
1986 figures later this month. 
The market is expecting a 79 
per cent fall in pre-tax profits 
to £300,000. 


Mr Michael Guthrie, the chair- 
man of Mecca Leisure Group, 
told the annual meeting that the 
group had made a promising 
start and was weU on target for 
the year. 

He said that the major invest- 
ment programme was on 
schedule and the company 
expected to see the benefits of 
strong growth coming through 
in the second half and for the 
next year. 

With the favourable leisure 
market, the benefits of the flota- 
tion last October, and the 
management skills within the 
businesses, Mecca was in a 
strong position for further 
1 expansion, he added. 


By Ralph Atkins 

Argyle Trust, the financial 
services company, yesterday 
confirmed that discussions were 
continuing with 2 number of 
third parties about a possible 
bid. 

The company’s share price 
has risen sharply since the be- 
ginning of January. 

In the company's annual re- 
port. published on January 29, 
Mr Kenneth Morgan, chairman, 
said that an involvement with 
a third party could, under cer- 
tain circumstances, materially 
enhance the company’s growth 
prospects. 

Argyle Trust’s shares closed 
yesterday up 2p at 126p. At 
the beginning of January they 
stood at 88p. 


Ewart fa’*s m move 
at Joseph Webb 


LONDON RECENT ISSUES 


EQUITIES 



Rivals Increase stake 
in Edinburgh Financial 


BY NIKKI TAIT 


By Ralph Atkins 

1 Ewart New Northern, a 
Belfast-based property com- 
pany. failed yesterday to get 
two of its directors appointed to 
the board of Joseph Webb, the 
holiday site and property in- 
vestor. 

The attempt was made at an 
extraordinary general meeting 
held at the request of Ewart 
and a number of other share- 
holders. Ewart owns 12.6 per 
cent of Joseph Webb’s ordinary 
shares. 

Three resolutions were pro- 
posed: the first two nominated 
the Ewart directors. Mr John 
McDroy and Mr E. Vandyfl. to 
the board of Joseph Webb; file 
third proposed that the board 
should reveal details of its five- 
year plan. AJ1 were defeated. 


MEPC, now holding 68 per cent 
of the equity m Oldham Estate, 
is reconciles to the possibility 
that it will not gain outright 
control of the company. I 

Mr Christopher Benson, the j 
managing director, is waiting to ' 
■see how Mr Harry Hyams, who 
built up Oldham Estate and 
bolds 30 per cent of its shares, | 
will play his hand following his 
initial rejec tion of the terms on 
which MEPC bought its holding 
from Co-operative Insurance 
Society. 

Mr Benson said yesterday 
that it would be. mor e com plete 
and satisfactory if MEPC had 
outright controL If not, manage- 
ment would have to be in a 
different style. 

“ But ultimately we would 
still be controlling what hap- 
pens,’’ he said. 

Mr Benson added that even* 
before MEPC moved to gain 
control of Oldham it had asked: 
“ If we only finished with 68 per 
cent, is that the deal we want ? 
Th® «bort answer is yes.” 

MEPCs purchase of the CIS 
stake values Oldham at between 
£53 1.4m and £62Q_9m, depend- 
ing on the results of a recently- 
completed valuation of the 
Oldham portfolio of properties, 
largelv in London ana the south 
east of England. 

. Mr Hyams was told by Mr 
Benson of the MEPC purchase 
of Oldham equity and of its 
formal bid for the whole of the 
company in Sri Lanka last week-, 
end. Since then he has opened’ 
up the possibility of litigation 
against CIS but so far Goodman 
Derrick, the solicitors acting 
for Oldham, have made no 
move. • 

• CIS has been associated with 
Oldham for more than 15 years. 
It bad been a key source of 
finance for Mr Hyams and al- 
though it had the major share 
of Oldham, it allowed Mr Hyams 
freedom to manage the com- 
pany. 

Following Mr Hyams* return 
to the UK, Oldham is believed 
to have had a board meeting. 

According to Mr Benson, be- 
fore MEPC made its offer it 
enquired whether Mr Hyams 
had a pre-emptive right to buy 
the shares and was told there 
is “ nothing in existence which 
could constitute a contract” 

In the formal MEPC offer 
document for Oldham, sent to 
shareholders on March 4, It is ; 
stated that following the 
announcement of the offer, Mr 
Hyams had informed CIS that 
he considered “pursuant to a 
letter written by CIS in 1971 
at a tim e when CIS held some 
10 per cent of the ordinary 
share capita] of Oldham. CIS 
is obliged to give him an ade- 
quate opportunity to match any 
offer which CIS is proposing to 
accept. " 

MEPC has been told by 
lawyers that “ Mr Hyams would 
not succeed in establishing that 
this letter constitutes a legal 
obligation which could invali - 1 
date CIS’s acceptance of the 
offer.” 

Mr Benson observed: “I will 
understand if he takes action, , 
but it can only be against CIS.” I 
In fact, CIS has already han - 1 
ded over its Oldham shares to , 
MEPC. 

City analysts expect that Mr 
Hyams will use whatever powers 
he can muster to thwart the 
offer, which, if he accepted it, 
would be worth some £160m 

Should he eventually accept 
the MEPC offer for Oldham. Mr 
Hyams could find himself as a 
reluctant holder of some 10 per I 
cent of MEPCs equity- 1 


A MONTH after the initial 
approach^ and following an all- 
night negotiation, London Park' 
Hotels has agreed to a £38m or 
760p a share cash offer from 
Mount Charlotte Investments. 
In addition Mount Charlotte is 
taking on board responsibility 
for a £14.75m debt owed by 
LPH. . 

Mr . Nurdin Jivraj. LPH*s 
deputy chairman, said yesterday 
that the company’s board had 
not sought an' offer but “we 
couldn’t . resist this price ” 
Through a Jersey Trust, the 
Jivraj family has a 57 per cent 
holding in LPH via Rushlake 
Holdings, a private company. 
LPH board members represent-, 
in g minority shareholders are 
also backing tbe deal with 
.Mount Charlotte. 

Through the deal. Mount 
Charlotte wOl acquire- the 
Royal Angus in Leicester 
Square, the Grand, the 'Prince of 
Wales in Kensington and the 
Crest Hotel at Heathrow, 827 
rooms in all, in the London area, 
at present Mount Charlotte owns 
58 hotels of which only nine 
are in London. 

As a subsidiary transaction, 
Mount Charlotte will sell back 
to Jivraq interests the London 
Park Hotel, the Lambs service 
flat block in Knightsbridge, and 
the Countrycare residential 
homes company for £ 16 m. Mr 
Jivraj intends to sell all but 
Countrycare in the near future. 

“Looking forward to 1988, 
we will have four fully- 
modernised hotels which will 
cost us nothing in additional 
management time acquired for 
less per room than some people 
are leasing hotel space In 


central London,” said Mr Robert 
Feel, Mount Charlotte’s manag- 
ing director. “Far from any- 
risk of diluting eannngs the?»e. 
hotels will contribute both this, 
yehr and next," hej added. 

The offer from Mount 
Charlotte is of 7M of its ordi- - 
nary shares for every 109 of 
.LPH and' there is/* cash alter-. ; 
native of 76Qp a share. Full"/ 
acceptance of the share offer 
would lead to the 1 issue: of 35m' , - 
new Mount Chatiotte shares, 
about 14 per cent of its ex- j 
panded capital, j . 

Robert Fleming, '• which Is 
advising .Mount Charlotte, has ■ 
arranged 'a place .the 19.95m ■ -■ 
shares, which Rushlake ' is ' 
entitled to for . its ‘57 per cent . 

stake, at the cash offer level. 

. / As a result of this trans- 
action, Rushlake Holdisgs, fin 
which "the Jivraj family has a' - - 
50 per cent' interest via- a:-.'.; 
Jersey trust, 1 will receive a -net ■ • - 
£5.7m phis- the assets it is i 
repurchasing from Mounti , . 

Charlotte. One of these, thei. ' 
London Park Hotel, , has- a**' " 
estimated TOlue of £10m.i r *" 
..Mir Jivraj commented yesteii •' 
day that “we will be back I*, 
hotels soon tor that's the busf> 
ness we know best although ^ 
many expect the Ismail? ffldnflp' 
to keep its future activities^ . 
the private sector- •' 

• However, “ Ln the meanthd T ' 
we may take a few stakes, fy 
various companies,” added Jfr-: ■ 


; jio# 


Jivraj. Rushlake has a'17JTp* \ 
cent bolding in Mitchell Cm-: 


cent bolding in Mitchell Cot-.- r 
the overseas trader "and- triurv'. 
port company, and a 12 
cent state in WigfaDs, ’ tf-’.. 
domestic electrical appliarifc, 
manufacturer. . ; V 


Hodgson issue to raise 
£2. 85m for acquisitions 


East 


Hodgson Holdings, the fast 
growing funeral director, is to 
raise £2£5m net of expenses 
through the issue of up to 
1.76m ordinary shares at 170p 
each. 

Tbe new shares have been 
conditionally placed with 
investment clients of Capel-Cure 
Myers but are being offered to 
Hodgson shareholders on the 
basis of one new share for every 
five held. 


The funds raised will help 
the USM-quoted company 
satisfy its appetite for acquisi- 
tions. 


In January the BfrminghdK v 
based group bought three Wei*.', ; 
funeral directors in one vet : 
It now handles ' about -4M& 
funerals a year. •' ! - - 

“ The board continues to , 
believe that the most practkl 
and beneficial way for Hodgm ; 
Holdings ta expand is 4y V- 
further acquisition- of -offlr; 
funeral- directing companfc.*v> 
said Mr Howard Hodgson, 
chairman. . .. v.'; . -’K- : 

- Hodgson was floated .onibev • 
USM in June 1986. In tile jar? . 
ending October 1986 it mq^a; 
pre-tax profit of £840,000 = M ; - : 
turnover of £2.7m. r: ': .- 


Suter increases holding 
in Metal Closures 


^:fg* 


BY RALPH ATKINS 


Suter, the engineering con- 
glomerate. yesterday acquired a 
further 400.000 shares in Metal 
Closures, the metal and plastic 
products group, bringing its 
holding to 14.2 per cent 

The deal is being financed 
through the issue of 144,000 
new shares in Suter— which 
will be exchanged on the basis 
of four Suter for five Metal 
Closures— and about £500,000 
cash. 

Metal Closures shares closed 
yesterday down lp at 227p. 

At the end of last month. 
Suter bought 2.6m shares in 
Metal Closures, financing the 
deal with £2 .7m cash and 


940,000 new ordinary ' : : : 

Suter said yesterday ; 

it has not ruled out thebossT- 
bilily of making a bid fbfltetal 
Closures but it has no phrst -.. 
the moment "i 




In 1985 Metal Closure made - 
a pre-tax profit of £3B5?^a -45 ‘ - 
per cent drop on 198 1 he*fl . , 
was due mainly to the yudWWH/I / 
of the rand against thfpo*uM^_: - 
which hit the group 'f Sboto v • 
African interests. Turpver i» ; - 
1985 was £83.7m. P 5 ; 

Shares in Suter dosj jqsto;*; . 
day up 14p at 28Sp. 
pany has about 70m 
shares issued. 


^styar' 


Telemetrix loss up to £1.2m 






II FJ». 
«Z25 FJ». 
II FP. 
125 (6 
105 FP. 
*119 FP. 
#125 FP. 
#70 FP. 



#100 FP. 
tt FP. 

fH5 fp. 

#144 FP. 
#102 FP. 
150 15 

50 FP. 
II FP. 
*100 FP. 
#120 
#* FP. 
<100 FP. 
— FP. 
#90 FP. 


I.'.T 

17, 1 

Lij 


300 87 65 

— 310 272 

— 63 31 

» w 

27/3 131 127 

203 133 123 

— 136 134 

270 90 00 

— 350 315 

14a 121 8B 

130 120 

196 135 

184 144V, 

1ZL 104 

78 75 

33 50 

55 52 

700 Ml jPMte FfeKli tat 

2W3 IB 127 ItPitanUtmtap 

— 102 #7 

7M 152 120 

— 106 97 

3/4 101 98 

— 220 Zll 

27/2 183 148 

— 190 170 


66 OB 
3J L8 243 
32 67 13J. 
2,4 4.9 9-7 
12 5* 142 
26 42 113 
32 23 17.9 
21 43 152 


22 123 25.9 
28 1 42 120 

28 No IU 


28 30 264 
34 23 173 
30 3l9 121 
9-7 — 


FIXED INTEREST STOCKS 



The two sides who are putting 
forward rival proposals for 
small Scottish investment trust 
Edinburgh Financial Trust, 
both announced increased 
stakes in the company yester- 
day. Drayton Consolidated 
Trust which is managed by 
MIM Britannia, has purchased 
a further 2m shares in the trust 
taking its holding from just 
over 4.5 per cent to 12.04 per 
cent MIM Britannia, together 
with two other major share- 
holders — Equitable life and 
Caparo— has already Indicated 
that it will back management 
plans to bndon the compny’s in- 
vestment trust status, liquidate 
the bulk of its portfolio and to 
concentrate on financial ser- 
vices. 

If the new Drayton holding 
is also voted in favour of this 
scheme at the shareholders 
meeting on March 16, backing 
from these shareholders will 
total just over 40 per cent. 

However, two members of the 
consortium headed by Mr 
Bruce Judge, the New Zealand 
entrepreneur, hav e als o raised 
their holdings in EFT — though 
by more modest amounts. These 
are Checkpoint Hong Kong, 


which manages foreign ex- 
change bureaux arid has pur- 
chased a further 69,500 shares 
taking its stake to 12.11 per 
cent, and trustees of Lord 
TanJaw's 1965 Settlement who 
have acquired another 55,500 
ordinary and now holds 1.24 per 
cent. Both have also increased 
their warrant holdings. 

These purchases take the 
total holding of tbe Judge con- 
sortium, whic halso includes 
Edinburgh fund managers, 
Waveriey. Asset Management, to 
21.77 per omt compared with 
21.3 per cent previously. 

Tbe Judge consortium is pro- 
posing that the existing board 
of EFT should be removed and 
replaced by six new directors. 


BeU Resources cuts 
Crucible holding 


Bell Resources, a subsidiary 
of the Perth-based Bell Group 
run by Mr Robert Holmes a 
Court, yesterday announced that 
it had reduced its holding in 
Morgan Crucible by about 
600,000 shares to 18 -52m shares 
or 19.6 per cent of the materials 
technology company’s equity. 

Analysts believe that over the 
last few weeks Bel] had added 
to its Morgan Crucible Holding 
at around 31 5p a share and then 
sold at around 330p and that 
the movement in the holding 
being reported is the net of 
these transactions. Morgan 
Crucible closed down 3p at 319p. 


Telemetrix, a manufacturer of 
computer graphics display 
terminals, has reported 

increased losses of £1.19m for 
the six months to January 4 1987 
compared with a deficit of 
£688,000 for the corresponding 
period of the previous year. Tbe 
larger losses had been antici- 
pated at the annual general 
meeting last November. 

In addition there was an extra- 
ordinary item of £437,000 in 
respect of closure costs of 
certain subsidiary companies. 
The offices of the US company 
were dosed in February 1987 
and an estimate had .been 


included of the remaining costs 
of closure. The effects of 
reduced expenditures, cessation 
of, losses in the US and 
rationalisation were now begin- 
ning to mate an impact 

The directors reported that 
the remaining subsidiaries were 
trading more acceptably and 
steadily increasing their propor- 
tion of external sales. Prospects 
for Telemetrix Research were 
encouraging and this operation 
would become a more significant 
contributor to group profit in 
the future. 

Relationships with new and 
existing customers remained 


good and the compaff was sort > 
that the competitrvfnew pro- j . 
ducts would genera? the neces\ 
sary rise in sales. Gwsco 
help the company p capital^: 
in the OS urn prodpir- 
developznents. 7 ‘ ' - , 

Turnover in ik first sif : 
months was dowmrom £8.03afc- 
to £7.53 m; after Sax cre^t om ? 
£342,000 (£91,009 nfl jnhwtiv, 
ties (£35.000), * the extig!^ 
ordinary debit 7of HE437,«3|A * 
(£55,000). net attputable 
were £lJ28m (£ 61 , 000 ) and-xH®?: . 
loss per share/ 4E2p'“ (2$P&&‘< 
There is no iii rim • ■ payment? . i 
(Q.gp), T ••• " 






■fe 

’C'- 




Cranbrook Electronic intoiosi 


Foote Mineral 


Pilkington sale 


Foote Mineral, an associate com- 
pany of Consolidated Goldfields, 
has announced that it is to sell 
its Cambridge. Ohio based busi-. 
ness to ShieldaUoy Corporation 
of Newfleld, New Jersey. The 
sale of the Cambridge plant is 
the first step in carrying- out 
Foote's plan to sell the entire 
company. 


DIVIDENDS ANNOUNCED 


Pilkington Brothers, the.giass 
manufacturer, is selling Tunnel 
Building Products, a subsidiary, 
which makes satidfiU reinforced 
building supplies, to Steetley 
Brick and Tile. The purchase 
price was not disclosed, but is 
thought to be .around £3m. 

Pilkington said tbe company 
was being sold because it did 
not fit in with its core glass 
businesses. 



Date Corres- 

Total 

Total 

Current 

of ponding 

for 

last 

payment payment div 

year 

year 

17.5 

April 16 14.75 

25 

20.75 

nil 

— 0.5 

nil 

0.5 


July 1 6J25 

12.5 

11.25 

...int nil 

— Q.6 

nil 

0.6 


AB Engineering 


Alliance Trust 17.5 April 26 14.75 25 20./ 5 

Cranbrook EIe&£ nil — 0-5 nil 0.5 

Ladbroke 7 July 1 6.25 12.5 11-25 

Telemetrix int nil — 0-6 nil 0.6 

Dividends shown pence per share net except where otherwise 
stated. * Equivalent after allowing For scrip issue, t On capital 
increased by rights and/or acquisition issues. tUSM stock. 


Associated British Engineering 
has agreed to acquire Peter 
NisheL suppliers of catering 
, equipment, for £900.000. to be 
! satisfied by 22.5m new ABE 
ordinary. 

In addition. ABE proposes to 
raise about £400,000 by the issue 


Cranbrook Electronic Hold- 
ings, a USM-quoted distributor 
of electronic components, saw 
last time’s £475,000 pre-tax 
profit turn into a loss of 
£361,000 in the year to. Septem- 
ber 30 1986. Group turnover 
rose from £6.2tn to £6 .6m. 

The directors reported that 
the year had been one of the 
most difficult In the company’s 
sector. 

The company had Invested 
significantly in the latter part 
of 1985. both in personnel and 
capital equipment. It had suc- 
ceeded in increasing market 
share and maintaining reason- 
able gross profit margins despite 
unprecedented trading condi- 
tions. However, this had been 
achieved at a high overall group 
cost in terms of prfttability. 

As .a result, Cranbrook had 
towards the end of the financial 
year made a number of major 
economies in peripheral areas 
mm* business _and ; 


tember 30, 1986 it had made due 
provision for the' costs of 
closure of those activities. The 
directors said that the steps 
taken would result in substan- 
tially reduced overhead costs 
for the current year. 

Over the past four months, 
the group had experienced a 
material improvement in the 
bbok-to-bill ratio wi thin com- 
panies. and had seen the highest 
monthly customer order in-take 


in its history. 

Cost of sale Tose to 
(£3_9m) and ol tr .opet*tihgj«^ky. 
peases total le< H 2 . 4 m (£ 1 . 801 -- 
Tax receivabl amounted 7 ® 
£129,000 . (£19 OK) j»idyf ' " 
extraordinary tens showed"-* 1 ,; 
debit of £40,00 (niD. LJ^S- -, . 
per share wo M through' “ - 
2.9p (earnings p.8£>-, . ?>’ 

No final divided 
—last year Cranrook pad,' 
total of 0.5p. ; 


"s. . 

l ' B . “® ». 






A FINANCIAL TIMES SURVEY ' V'-’ *- >: ; 

NEW TOWNS j. v-.. ;.. 

Th« Financial Time* pitopeaaa to publish ■ ' 

a survay on tfw abovo on -- - - > 

FRIDAY MARCH 27 1887 V. 

For lull detatit contact: 

ANDREW WOOD 

on 01-248 8000 «xtn 4129 . •• 't ':- 

Braekan Houaa, 10 Cannon* StnovLandon EC 4 P «BT rT - ! ” 

FINANCIAL TIMES . ; .. -/. r : 

Tha com.*. . E v UR0 ^' S BUSINESS NEWSPAPER ■ T ’A K 

rfrt “ * Sunray* fn tA. FinM&TiVtp 
C hange at the d l serx iao at the Bike: 




SiVh.-'-v i -. . 

m-;-" ■ 




/ 


























11 


i 


6% 


Cr* 



% 




Fmaccia] Times Saturday MuTch 7 1987 

INTL. COMPANIES and FINANCE 


COMMODITIES AND AGRICULTURE 



receives offer worth $1.3bn 


BY ANATOLE KALETSKY IN NEW YORK 

tfae il5 dBbt equity ratio arid boost clans, which has included Presi- 
v* iraiiatu -a asea television «■=»- ■ vniiiam »r,#» 


tion 


returns to shareholders. But 
last November the company 


’£*£?** 
:** rj £ iisS 
0 «l 
ihi- Tj?-^ 

u- 

u -r.3 

? Cr.s^H ; 


C: jjj 










r’T .. 

> e*. 


-i .ar.jjvV * 
'*'• • : ~*r-Z T < i 

*dg\e 

."2VS 


■:i 


star 

j °£ |W ? or ^d programme 

up by^ sharehSwfr Vl ^. br ^» m9ca ^ ed to raise, only 5240m 

- hv the Bara ^ for five independent TV stations 

vLerfaVS.i^ , i y cT°4 Teat ? s ' whIch had previously been 
w -3fa 5 t ^ e ' valued at over 5500m. 

„SSS iTS* 1 £i 3adle . y Following this setback, ten- 
.SSaS* f th *. Cffmpany-s si cm in the boardroom has 
■ Ur THw. j ^ mounted with Bass represents- 

^MrTaitwas ousted from his tives, who now control 25 per 

; ^, deat r? f Tafl ««t demanding faster restnic- 

• shorUy. _ after Mr turing and arguing that piece- 

• ^ meal sale of the company's most 

' !: y ?* s f valuable TV stations, the ones financier whose American 

eem# ** W0T ™’ acqUired 20 per affiliated to the NBC, CBS and Financial Corporation has been 

<u" .. ABC networks, may be required, an active player in numerous 

.^«pce the management re- This has been respited by the controversial corporate restruc- 

snufiie Taft has been selling founding Taft family, oDe of turings and take-overs. Mr 

assets in. an attempt to improve Ohio’s most celebrated political Lindner has been buying shares 


dent William Howard Taft and 
Senator Robert Taft, the author 
of the Taft Hartley Act. the 
most important US industrial 
relations law. 

Along with the related Ingalls 
family, the Tafts control 12 per 
cent of the company's stock. 

- Another celebrated investor, 
who may now hold the balance 
of power between the two rival 
shareholder groups is Mr Carl 
Lindner, the CincmatU-based 


in Taft since last summer and 
now controls around 15 per 
cent. 

The bid offers 5145 in cash 
for each of Taft's 9.3m common 
shares outstanding and is 
backed by Narragansett Capi- 
tal. a private investment firm 
which specialises in leveraged 
buyouts. 

Mr Tafi and Narragansett 
sai.i they would contribute 
least 5125m in cash and Taft 
common stock to provide the 
equity capital for the company 
after the takeover and First 
Boston said it was “highly con 
fident” of arranging flnancin 
for the remainder of the acqui 
sition cost. 


WEEKLY PRICE CHANGES 


Latest ' 
prices |Ch' ngt 
per tonne 1 on 
unless > week ; 
stated 


1986/87 


Year 

ago 


High 


LOW 


METALS 

Aluminium : 

Free Market c.t.f *1485/505 4 83 

Antimony 1 

Free Market 99.6*. S2330.-370 : IS 

Copper-Cash Grade A-.- ' “ 

S months Oracle A 

Cold per ox— 

Lead Cash ..... .. 

3 month*...—, — . .. 

Nickel-.-.. 


|* 1240/1260 S MBS, -IS 13 ft 15011178 


£809.5 1-1* 

12397.75 1—23.5 
*407 ,+ l.S 

£307.5 It 15 
£297.25 It* 


'S2650/27M X2720iZ78B 122&0/O08 
' £981.5 LS10S8.5 £882.25 

.£1003.75 £1 059.2 5£881 JB5 
I 5542.75 5459.575 1327.5 
£250.5 '£376.5 ^833.5 


£260.25 '£537.5 


141.25 


Hongkong Land grows 67% at full-time 


BY DAVID DODWELL IN HONG KONG 


HONGKONG LAND Properties, Oriental Hotels group, and its 1985. A further fall in finan- 


1> n* U 


3T I-s--, 

- 

»■* hS*" 

■C'Cf- 


r. s * 


P 


.?* =«qa 

■ rV 

w?S 

s 




>:S 1 


aise 


itions 


: 


which is being re-organised by 
Jardine Matheson, its control- 
ling shareholder, achieved after- 
tax profits last year o! HK$920m 
{CS$118nO. a 67 per cent 
improvement on the HK$551ra 
for 1985. 

. -Much of the growth came 
from a lower tax bill, a steep 
fall in interest charges as debt 
has been pared, and a windfall 
HK$102m from the Hong Kong 
Government following litigation 
over a large residential 
development. 

However Mr Nigel Rich, 
group chief operating officer 
since the resignation of Mr 
David Davis in Autumn last 
year, said rental incomes from 
property in Hong Kong had’ 
risen by 20 per cent in 1986. 
This gain had been disguised 
by lower earnings from Dairy 
Farm, the retailing group which 
was floated in Hong Kong in 
September. The accounts 
included eight months’ earnings 
by Dairy Farm. 

During 1987, the group will 
dispose of - the. Mandarin 


stake in the newly-formed 
Jardine Strategic Holdings. 
This will leave HR Land as a 
pure property group again. 

Mr Rich predicted that the 
group would improve profits in 
the current year, despite the 
loss of retailing and hotel 
operations. This increase would 
come, in part from rising 
rental income— -a 15 per cent 
rise in rent levels was forecast 
for the period — and from 
higher occupancy levels. 

HR Land’s (L3m sq ft of com- 
mercial office space in Hong 
Kong was 97 per cent let at the 
end of 1986, compared with 90 
per cent a year earlier. 

Group debt had been 
trimmed to HK$&2bn by the 
end of 1986. This compares 
with HK$10.5bn at the end of 
1985, and a peak of more than 
HK$l6bn in 1984 when it came 
perilously close to collapse. Its 
debts have been cut mainly as 
a result of a range of asset 
sales. 

The group paid HK$320zn in 
financing charges last year, 
against just over HK$lbn in 


ring charges can be expected in 
the current year, with debt fall- 
ing to around HKS4.5bn follow- 
ing completion in the next 
three months of a deal with 
Sun Hung Kai Properties to 
sell the lion's share of its land 
bank for over HK$1.3bn. 

The overall tax bill has been 
cut by HK$130m. to HK$72ra, 
partly because of group re- 
organisation in Hong Kong 
during 1985. 

As HK Land has been re- 
stored to financial health over 
1986. so it is expected this year 
to re-emerge as a bidder for 
new development sites. But 
after having retreated from the 
residential property sector, and 
after selling its land bank, it is 
unclear where its efforts will be 
directed. 

The group has signaled plans 
to develop a prime site on Ice 
House Street at the heart of 
Hong Kong’s central business 
district It is also expected to be 
a fierce bidder at a government 
auction later this year of the 
central Old Police Station site. 

’While the company’s strong 


interest in this site has been 
widely discussed in Hong Kong 
Mr Rich argued yesterday that 
it had no intention to buy the 
site at any cost. Recalling the 
expensive purchase in 1981 of 
its Exchange Square site, Mr 
Rich observed: “I think we 
have learned the lesson of pay- 
ing silly prices for tilings. If 
the auction price goes too high 
then we just won’t get it.” 

If it fails, then investment in 
property developments outside 
Hong Kong is likely to be con- 
sidered seriously, since only 
small number of prime sites are 
likely to come under the auc- 
tioneer’s hammer over the next 
two years, and HK Land’s exist 
in? developments are likely to 
be completed by 1989. 

The group plans to pay a final 
dividend of 2Q cents, making 27 
cents for the full year. This 
compares with 15 cents in 1985 

A professional revaluation of 
the investment portfolio pro 
duced a net surplus of 
HK$3.9bn. boosting share 
holders' funds to HK$20bn, up 
from HK$16.4bn at the end of 
1985. 


IEL sustains its momentum 


BY BRUCE JACQUES IN SYDNEY 


tv; 


■- '-.i 
I-:,:: I 


aiding 


'l 


INDUSTRIAL EQUITY LTD. 
one of Australia's best known 
corporate raiders, maintained 
its earnings momentum in the 
half year to December with an 
87.8 per cent boost in after-tax 
profit from A$28.6zn to AS53j8m 
{USJS6.5m). 

The Interim statement is a 
characteristically brief, report 
It said simply that the group 
anticipated a satisfactory result 
for-the full year. ■' 

But “ satisfactory ” may wen 
be an understatement because 
the latest result did not include 
any surplus arising from TEL’s 
part in the takeover battle for 
the Herald and Weekly Times 
which raged in the eariy-weeks 
of 1987. ’ : 

IEL sold a 12 per cent stake 
in the Herald to Mr Ruper t 
Murdoch's News Group, giving 


the company the head start in 
the bid which it never 
surrendered. In the process IEL 
netted a capital profit estimated 
at around A$100m. The com- 
pany also retains a holding of 
just under 20 per cent in 
Advertiser Newspapers, a 
Herald associate, following reso- 
lution of the Herald battle. 

If the Herald profit is inclu- 
ded in the company’s second- 
half result, it would appear to 
be headed for earnings surpas- 
sing the previous full year’s 
$145.3m- However, new capi- 
tal gains tax legislation may cut 
net tax earnings from the 
Herald sortie. 

IEL continued its policy of 
declaring all profits above the 
line, even though a large pro- 
portion of its earnings must 
have been from share trading. 


Tiie company maintains that this 
is part of its business and thus 
should be included in trading 
rather than extraordinary 
profits. 

Extraordinary items were 
thus shown as nil while revenue 
rose by 11.1 per cent from a 
A 871 3m to A$792m and interim 
dividend has been held at 50 
cents a share. 


13% Increase 
shown by Hang 
Seng Bank 


Capital gains tax legislation 
appeared to have little effect on 
the companj' , s latest result. In 
fact the company has provided 
for only A$10.6m tax on gross 
earnings of AS88.9m — an effec- 
tive rate of 11.7 per cent com- 
pared with a corporate tax rate 
of 49 per cent. The effective 
rate was markedly lower than 
the 16.5 per cent tax provided 
in the corresponding period. 


Casa suffers 
heavy loss in 
‘worst year* 


^ 1 




1 . 2 m 


- 4 ~ ■& 


into !$■ 


By David White in Madrid 
CASA. the state-controlled 
Spanish, airframe company in 
which Northrop of the US sod 
MBB of West Germany are the 
main minority shareholders, has 
suffered a loss of Pfca 8.6bn 
($67m) last year, after making 
a Pta l.fibn profit in 1985. 

“ xt was the worst in otrr his- 
tory,” said Mr Javier Alvarez 
Vara, the chairman. Casa, a 
partner in the European Airbus, 
was expected to continue losing 
money this year but had started 
a programme to cut costs ana 
raise productivity, he said. 

Among the main reasons cited 
for last year’s deficit v«iere the 
fall in tbe value of the doUar 
and a poor performance in the 
US. The company's sates teii 
to Pta 46.4bn from 
and exports to Pta 32.5bn from 
Pta 37J2bn. 

Mr Alvarez Vara sand C<rea 
was currently ?ookin& ^part- 
nere for a new fighter aircraft 

‘"sSto-S stttM.wr.ed arras 

sfes-’SsFS 

it planned tn tnra 2.500 oi ns 

'•"ottpany said its 198* 
lolls wetoTtaut 20^rcen 


four-year plan, it aims to con 


SSsgMS 

invest Ptt «5bn. 


Lower bad-debt provision 
helps ABN rise by 10% 


BY LAURA RA UN IN AMSTERDAM 


ALGBMENE BANK Nederland 
(ABN) improved profits by 10 
per oent to FI 527m (8254.5m) 
last year from FI 478m hi 1985, 
mostly thanks to lower provi- 
sions for bad loans. 

Tbe bank, Netherlands’ 
largest, also announced a 10-fbr- 
one share split and said it 
planned a maintained FI 27 a 
share dividend. 

ABN had been able to offset 
the negative effect of the weaker 
dollar on foreign operations by 
restraining spending. Expendi- 
ture edged up 1.6 per cent to 
FI 2B8bn last year from 
FI 2£4bn in 1985, or only half 
as fast as the year earlier in- 
crease. 

The lower dollar, however, 
reduced income from foreign 
by shrinking the 


results when translated back 
into Dutch guilders. It cut 
FI 73m from gross profit which 
was up 2J. per cent to FI 1.36bn. 

Overall income rose a modest 
1.8 per cent to FI 4J24ba from 
FI 4J7bn mostly on account of 
“ favourable " results in the 
securities business. 

ABN’s earnings growth 
lagged behind tbe 22 per cent 
jump at Amsterdam-Rotterdam 
Bank and tbe 21 per cent spurt 
at Nederlandsche Hiddenstands- 
bank although they too derived 
their profits largely from lower 
provisions. 

Provisions for bad loans were 
trimmed to FI 575m in 1986, 
from FI 600m tbe year before. 
Reserves for foreign lending 
were significantly cut although 
those for country risks and 
domestic lending were raised. 


Gain lifts Belgian group 


BY OUR FINANCIAL STAFF 


NET PROFIT of Sodete 
Generale de Belgique. Belgium’s 
largest holding company, more 
than doubled in the first nine 
months of 1986 mainly because 
of a surge in extraordinary 
income. 

Earnings for the period to 
September 30 amounted to 
BFr 65bn ($l63m), up 129 per 
cent. The figures were con- 
tained in a prospectus for a 
DM 350m bond issue recently 
launched by the company. 

Results for the full year will 


be published next week. 

Societe Generale’s profit jump 
for the nine months was 
accounted for mainly by a 
capital gain of BFr 3.2bn 
following the company’s sale 
of its 18 per cent stake in 
Genstar Corp to Imasco. the 
Canadian tobacco and retailing 
company. 

Societe Generale indicated 
that earnings in 1987 would not 
show the same large growth as 
last year. However, the com- 
pany would maintain dividends. 


By Our Hong Kong 

Correspondent 
HANG SENG Bank in Hong 
Kong turned in attributable 
profits for J 986 of HKSl.OSbn 
(US$135m) making a 12.8 per 
cent increase from the 
HK$932m in 1985. 

The bank also unveiled plans 
to increase authorised capital 
by HK$2bn to HK$5bn by 
creating- 400m additional shares, 
and a one-for-two scrip issue. 

The move is intended to bring 
tbe bank’s capital base “more 
into line with' total assets, which 
have increased substantially.' 
the bank saii. At 'he same time 
it warned this should not be 
interpreted as a signal of profit 
or dividend growth in the 
current year. 

Tbe attributable earnings, 
after transfers to inner re- 
serves, was in line with market 
expectations. Hang Seng Bank 
is controlled by Hongkong and 
Shanghai Banking. With 
virtually ail of its business 
based on the domestic banking 
market it has had profits 
squeezed in the recent past by 
slu&psh loan demand, and 
fierce competition for banking 
business. 

The full-year profits increase, 
which was substantially better 
than signalled at tbe interim 
stage, nevertheless reflects 
strong economic growth in 
Hong Kong in the second half 
of 1986. It also reflects a surge 
in mortgage demand, where 
Hang Seng is estimated to have 
a 15 per cent market share. 

Tbe results point to profits 
for Hongkong Bank its parent, 
which may pass HK$3bn for the 
first time. The Hongkong Bank 
reports its 1986 results next 
Tuesday. 


Haeco boosts 
earnings 25% 


HONGKONG AIRCRAFT Engi- 
neering Co (Haeco), the Swire 
Pacific subsidiary currently 
refurbishing 19 Boeing 747s for 
British Airways boosted attribu- 
table profits 25 per cent for 
1986 to HK*145m (US$18.6m) 
from HK$115m in 1985. our 
Hong Kong correspondent 

writes. 

The increase came on a 7 per 
cent rise in turnover from 
HK$847m to HKS908m. The 
group attributed tbe improve- 
ment to growth in Cathay Paci- 
fic's fleet of Boeing 747s, and a 
contract to maintain six Lock- 
heed TriStar aircraft for United 
Airways, as well as the British 
Airways contract. 


Tokyo to ease rules on bond allocations 






BY YOKO SHIBATA IN TOKYO 

tbe J^yfcSr'to "taite'place aTtfce —the Japanese^ubsfdiaries of 

has confirm eu of easing Merrill Lynch and Salomon 

meat is on “„ rt irinating same ume. 


A IN 

war starting next month. Long- joined by 17 foreign securities 
Of Finance ^ a<ms{!5 _ onJy ^ 


two of them 


meat . ff for participate M under the present rules. Brothers — have accounts with 
i^medium-term medium-term government bonds the BOJ. The government em- 

bonds. The — « wlU 


move 


medium 
are auctioned 


among those ploys the auction system for 




Trt foreign pities houses Tecukties*; houses medium-term (two to five years) 

5 inin the bond aUCt ^2 S <rvndi' belonging to the syndicate of bond issues. some of Japanese hoi 

1 a??he same time th* loQ g. le rm government bond As for tbe long-term govern- prefer a public aucti 


for foreign securities houses in 
the case of lb-year government 
bonds. 

Foreign firms, with the sup- 
port of their governments, have 
been calling for larger portion 
of Japanese bond underwriting. 

institutions and 
houses would 
auction system 


a* rhA cam e ° . . 7 7 — 7 — . ^ a uuunc auuuuu ajraicm 

‘Z securities c°mpani« underwr iiers and which have mem bonds, such as the 10-year for ^ 10 . year bonds t00 . This 
that distributes .the toWgJJJ BCC0un ts with Bank of Japan notes _ which dominate the allow, foreigners to bid 


that distributes^ cons! der- 

govenunent bonas aUoca . 

ing enlarging tDe - gtl ho uses. 

tions gi ven ^° not reveal** 
The ministry^ ta ke 


market, the government uses a 
1 The proposed changes would large underwriting syndicate to 
mean that foreign financial place such notes. Foreign 
institutions which do not have members of the underwriting 
- the BOJ will be syndicate are allocated a minute 


for larger share of the bonds. 

Last month, Salomon Brothers 
became the first foreign broker 
to dominate the two-year bond 


1731193c +1 

51 23.50 '-t-S 

5528.50 ] - 

. , * 2001210;+ 10 

Silver par oz 1 348.96 p j— 8. IS 

3 month! par 0 . 2 . { 3£7.80p 5J90 

Tin - 1 

Prca mftrkat £4.340157(1 — 10 


Frea market — 

Palladium .......... 

Platinum per oz. 

Quicksilver <76 Ibct i 


1871207c. 196|21®e' 15*1 177c 
*107.00 : *151.00 *95.25 
5404.25 11673.75 15542,50 
*2201235,82801*60,21151126 

386.BOP ksa.IOp l317.?0p 
397.65p !465.2Qp 325.60 


! 26 WJD(SZ 50 JE 1 . 42 D/ 46 * 


Zinc cash 

5 months .. 


GRAINS 


Males French £144,50 


SPICES 

Cloves...— 1 

Pepper white. 

blech 

OILS 

Coconut (Philippines) I 

Palm Malayan.. — , 

SEEDS 

Copra 'Philippines) < 

Soyabeans iU.S-u 

OTHER COMMODITIES 

Cocoa Futures May.. ' 

Coffee Futures May-. — • 

Cotton Outlook A Index 

Cat Oil Fut. Apr. - I 

Jute UA BWC fi ratio ' 

Rubber kilo 1 

Sisal N0.5L. | 

Sugar [Raw).... 

Ti 


83,550 

85.500 

54.500 


*3502 

|515v 


*250 

5137.5 


) -r 2.67 
-2 

— 14.5 
—30.25 

— 

956.32 ,*69.74 
*56/65 *56/53 

£427.5 >£632.6 

£442.5 £621.75 

*690/670 *980 

1*41.44 

1 *32142 
£409 
£419.26 
5650(670 

— 0.95 

£115.13 

£118.60 [£96.50 

- 

.-0.06 

£143.60 >*154.00 *150.00 
£118.45 ,£121.45 £98.30 

1—50 

—175 

>-75 

•4726 

S5&00 

*4350 

1*4,850 

(16,400 

|*4,800 

1*3,600 

|*4,&00 

*5,600 

.5 

*275 

*230 

1*470 

*405 

*200 

i|197 

»~0.5 

*180 

$226 

>*300 

1*329.8 

i*140 

,1137 


Tea '.quality) kilo - 1 

now mod) kilo ! 

Wooltopa 64s Super. 1 


£1302.5 ( — 30.5 £1500.5 
SI £92 .—246.5 £2555.3 

64.46c 1-1.2 53.40c 

*146,75 1+15.76*143.75 
3325 1+5 >5290 

60p —1.5 B1.6p 

*610 — S69S 

8801.5a 1+10 9163 

180p I - 192 p 

90p -4 U4p 

431pkito,+4 416p Kilo 


.£1,504,5 £ 1.254.5 
(£3,007.5 £ 1,267.5 
167.80c 36.55c 

i 32 32.76 ] 390.75 
13325 ,3215 

68p 54p 

<8626 £590 

£222.5 ;S115 

202 p 170p 

|256p 60p 


Sip kilo 3B7p kilo 


t Unquoted. tg) Madagascar. (v) April. fa) April- May. (z) March-ApuL 


LONDON 

MARKETS 


ALUMINIUM 


; VinofOclal + or 
■close ip.m.i — .Hlgh/Low 

£ per tonne j 


Cash 6879 
3 months, 854-6 


i-Il 


( 867 
|85 6/860 


Official closing (am): Cash 586-7 
/8S9-9.5), three months 854-4.5 
(867-7.5). ssnlement 887 (899.5). Final 
Kerb close: 852.5-3. 

Turnover: 11,425 tonnes. 


INDICES 


REUTERS 


[ Mar. 6 Mar. 4 iM'th ago Year ago | 

1 1548.5 11654.5 1 1611.4 1 

1854.8 |j 

(Base: September 18 1931 a 100) 1 

DOW JONES 


Dow Mar. Mar. . M’th 

i Year 

Jones 5 4 ago 

1 ago 

Spot 113.98115.42 — 

128,71 

Fut 113.69114.15 — 

133.58 

(Bess: December 31 1931-100)’ j j 


COPPER 


SOYABEAN MEAL 


Crado A 

Unoffle'l + or 
olose — 

£ per tonne 

High/Low 

Cash 

3 month! [ 

899-900 i + 1.6 >807/905 
897.68 (—58 (902/897 

Official closing (am): Cash 9G4.5-S.5 
(911.11.5), three months 901-1.5 
(908.5-3). settlement 905.5 (911.5). 
final Kerb close: 897-8. 

Standard < 1 

Cash 861-3 -0.5 ; 

3 months ,876-8 p2 ] 

862 



Vetord'yai -f or 
close 1 — • 

Business 

done 

April — 

June ..... ... 

August. 

October..... 

Dec. — 

Feb 

April — 

£ 1 
partonno! 

12 1.6 184.0 (—0.50 
111.6-112.0 (—0.15 
1DSA-116A :+0.75 
110.0- 11 1.0 j-O.tt 
111.5112.5 : - 
112-5*15.6 ;-O.BO 
114.51)0.0 1-0.25 

112.0 


Seles: 10 (50) lots of 20 tonnes. 


COCOA 


Official closing (am): Cash 867-8 
fS73-5). three months 880-2 (888-90), 
settlement 8C8 (B7S). US producer 
prices 66.25-70 cents par lb. 

Total turnover: 48.825 tonnes. 


LEAD 


Futures traded in a confined range, 
closing near the day's taws. Stranger 
sterling and arbitrage selling kept the 
market under pressure although manu- 
facturer price-fixing was also evident. 
Physical business again remained light 
with origins reluctant to sell end con- 
sumers mainly sidelined, reports Gill 
and Duffus. 


(Unofficial 

+ or 

Hlgh/Low 

close (p.m.t — 

; £ per 

tonne 


Cash [307-8 

+ 1 

309(308.6 

3 montha!297-7.5 

1+0.5 

298(297.6 


Yesterday 1 * I 
I does ;+ or : Business 

1 ~ 1 — I don* 


& per tonne] 


Official closing (am): Cash 308.5-8-75 
(305-6). three months 298-8.5 (287-7.5). 
settlement 308.75 (306). Final Kerb 
cloas: 296-5-7. 

Turnover: 6.675 tonnes. US Spot: 
24-27 cents per lb. 


March 1270-1874 j + 1.0 

May 1502-1303 —2.0 

July. 1332-1334 Uo.5 

Sept... ! 1360-1360 +2.0 

Deo 1 1381-1383 ^1J) 

March. ! 1406-1408 1 +2.0 

May... i 1425-1427 1+3.6 


127 b- 128 * 
1511-1501 
1341 - 1*31 
1368-1567 
1580- 1583 
1410-1427 


NICKEL 



i Unofficial + or 
cIom (p.m.) — 

£ per tonne 

jHlgh/Low 

Cash (8395-405;— 29.5 , 

3 months 18405-10 > — XB 

2414/2410 

2485/2396 


Seles: 2,392 <3.185) lots of 10 
tonnes. 

ICCO indicator prices (SDRs per 
tonne). Dally prica for March S: 
1.584.16 (1.579.95): 10-day average for 
March 9: 1.570.10 (1,56887). 


COFFEE 


Official closing fern): Cash 2412-15 
(2435-40). three months 2414-15 
(2426-27), settlement 2415 (2440). Final 
Kerb elate: 2395-400. 

Turnover: 1,332 tonnes. 


During e subdued day houses pre- 
ferred to stand aside end await develop* 
merits in an unsettled market reports 
Drexel Burnham Lambert, in the lightest 
volume ol the w oo t right book-squaring 
kBpi levels buoyant. Bising sterling 
prevented levels from climbing too 
high. 


ZINC 


High 

gratia 


Unofficial +©r 
close tp.m.1 — 

£ per tonne 



lYeatorday + or 

Business 

COFFEE 

close — 

| £ per tonne 

i 

Dona 


HighfLow 


Cash 1460- 1 1-8.6 

3 months |46M.B (-4-S * 


457(466 

4531448 


Official dosing (am): Cash 457.5-8 
(467-81. three months 449-50 (457.5-8). 
settlement 458 (468). Final Kerb close: 
452-3. 

Turnover: 8.T75 tonnes. US Prime 
Western: 38.50-44 cents par lb. - - 


Mar...— _!131B-1U3 ; + 82.6> 1876-1244 

May. !1290-1M< + 14.5! 1303-1206 

July- 11310-1815 i — ! 1321-1290 

Sept.— '1336-1540 [ —8.0' 1343-1315 

NOV— 1569-1370 ♦ 2.0' 1570-1342 

Jan '1590-lSBBj +1.S| 1393-1370 


US MARKETS 


GOLD 100 trey oz, S/troy oz 


GOLD FUTURES opened 
lower as expected, hat early 
trade and local buying 
steadied prices before iwo- 
slded trading by tbe com- 
mission. houses and locals Set 
in. on balance keeping the 
market under light pressure, 
reports Drexel Burnham Lam- 
bert. Pre-weekend short- 
covering pared losses on tbe 
close. Fund buying in May 
silver futures was. counter- 
balanced by commission 
house selling la July, tbe 
market easing despite trade 
scale-down buying. Trade sell- 
ing at the higbs In platinum 
futures was sufficient to 
prompt commission boose 
selling, touching off light 
stops as tbe market declined 
to the loti’s, where local buy- 
ing supported prices. Eariv 
trade baying in crude oil 
futures touched off com- 
mission house stops but 
resistance and profit-taking at 
the higbs Jed to trade selling 
which prompted the locals to 
liuuidate longs before fresh 
buying emerged to steady 
values. Pre-weekend hook- 
squaring, profit-taking, short- 
rovering and trade baying 
steadied coffee futures, 
especially ui the near months, 
paring losses in forward 
mouths. Speculative buying 
and short-covering following 
earlier light industry baying 
steadied cocoa futures In the 
hire of light scale-op trade 
selling and Brazilian price-fix 
selling. Sugar futures traded 
in a narrow range with price- 
fix selling and scale-down 
trade support at both ends of 
the range. Trade and com- 
mission house buying took the 
market back to the highs in 
light volume. The grains 
were generally lacklustre, 
with little feature apart from 
usual pre-weekend trading. 
Buying interest under the US 
support programme coupled 
with a large beau crush report 
helped steady both tbe soya- 
bean and soyabean oil futures: 
Live cattle futures steadied 
on short-covering while obtb 
the bogs and pork bellies con- 
tinued steady, reflecting cash 
prices. 

NEW YORK 



Close 

Prov 

High 

L< 

Merab 

406.2 

407^ 

407,5 

40 

April 

407.8 

408.8 

409.7 

4M 

May 

4098 

410.8 

— 

41 

June 

412.1 

413.0 

413.8 

August 

416.3 

417.Z 

4T7.4 

411 

Oct 

420.3 

421.3 

4M A 

42 

Doc 

424.4 

425.4 

426.1 

43 

Feb 

428.5 

429.6 

— 


Juno 

438.5 

437.7 

— 


Dec 

449.7 

461.2 

— 


HEATING OIL 


42.000 US gallon*. centa/US gallon* 



Lara st 

Prov 

High 

L 

April 

48.05 

47.81 

49.30 

48. 

May 

48-35 

47.46 

48.66 

47 

June 

47.90 

47 £5 

48.16 

47 

July 

47.90 

47.45 

48.10 

47 

August 

48.30 

47.55 

48 JS 

48 

Sept 

49.10 

48.65 

49.10 

49 


ORANGE JUICE 16,000 lb, cents/Ib 



Close 

Prov 

High 

L 

March 

132.60 

-133.00 

132.KS 

132 

May 

133.80 

134.00 

133.85 

132 

July 

134.40 

134.40 

13430 

133 

Sapt 

133,75 

132,65 

134.00 

132 


PLATINUM SO trey oz, S/troy ox 



Close 

Prov 

High 

L 

April 

533.1 

536.4 

536.0 

5Z 

July 

537-S 

641.0 

640 .0 

53 

Oct 

541.9 

645.3 

544.5 

53 

April 

550.9 

5643 

— 



SILVER 6,000 trey oz, c*nta/troy oz 



Close 

Prev 

High 

t 

March 

566.9 

556.9 

690.0 

5S 

May 

562.7 

562-7 

565.9 

55 

July 

569.0 

569.0 

571.5 

56 

Sapt 

576.2 

575.2 

577.0 • 

57 

Dec 

584.4 

584.3 

587.0 

58 

Jan 

587.5 

587.4 

— 


March 

693.3 

593.3 

BSfi.Q 

8ft 

May 

599.6 

599.6 

— 


July 

606.4 

606.2 

— 


Sept 

6TZ.9 

612.8 

612.5 

61: 

SUGAR WORLD 

”11" 



112,000 lb, cente/lb 




Cloen 

Prev 

■TC* 

~~C 

May 

8.39 

B.24 

8.42 


July 

S.49 

8.32 

8.49 


Sept 

8.52 

8.33 

8.43 


Oct 

8.S1 

8.38 

8.51 

E 

March 

8.79 

8.71 

880 

E 


CHICAGO 


LIVE CATTLE 40,000 lb, C*nt*/1b 


April 

Jvna 

August 

Oct 

Dee 

April 


CIO«4 

Pntw 

Hioh 

L 

62.85 

62.37 

63.05 

62 

60.17 

59.87 

60.50 

59 

57.72 

57.47 

57.87 

57 

57.07 

56.92 

57 JS 

56 

57.25 

57.00 

57.27 

56 

57.85 

58.00 

57.87 

57 


LIVE HOGS 304)00 lb, cents/lb 


ALUMINIUM 40.000 lb, cents/lb 



Clone 

Prev 

High 

Low 

March 

60 JO 

60.10 

— 

— 

May 

60.50 

60.40 

60.50 

59.90 

July 

59.50 

59.40 

59.30 

59.05 

Sapt 

58.50 

68.40 

57.90 

57.90 

March 

57.90 

57.80 

_ 

— 

May 

57.90 

57.60 

— 

— 

July 

57,90 

67 £0 

— 

— 

COCOA 10 tonnes. S/to fines 


Close 

Prev 

Hi-h 

Low 

March 

1904 

1881 

1890 

1890 

May 

1935 

1912 

1937 

1903 

July 

7955 

1935 

1958 

1928 

Sept 

1362 

1963 

1335 

1957 

Dec 

2008 

1990 

2010 

1979 

March 

TATE 

2017 

— 

— 

May 

2055 

2037 

— 

— 

COFFHr 

’* C ” 

37,500 lb, canis/lb 


Close 

Prev 

Hiph 

Low 

Mart* 

105.50 

102.00 

105.40 

103J2& 

May 

106.61 

104.68 

107.25 

104.50 

July 

108.60 

112.87 

109.25 

106.87 

Sept 

110.33 

114.73 

111.25 

108.73 

Dec 

112.99 

115.04 

113.60 

11180 

March 

114.60 

116.60 

-N_ 

— 

May 

T14.50 

■117.00 

— - 

— 

July 

115.01 

117.00 

115-00 

115.00 

COPPER 25.000 lb. cents/ib 


Clone 

Prev 

Hinh 

Low 

March 

6320 

63.20 

63 3D 

63.10 

May 

6320 

63.20 

63.25 

63.05 

July 

63.25 

6330 

63.30 

63.10 

Sept 

63.50 

63.55 

63.55 

63A5 

One 

64.00 

64.05 

64.05 

53.90 

March 

64.55 

64.60 

B4.B5 

64.85 

May 

6435 

65.00 

— 

— 

July 

65 JO 

65.35 

— 

— 

Sapt 

66.65 

85,70 

— 

— 

COTTON 50.000 lb. cents/lb 


Class 

Ptw 

Htrrh 

Low 

March 

57.46 

58.15 

68.05 

57 £0 

May 

54.78 

5525 

56.66 

54.35 

July 

53.38 

54.0 0 

54.50 

53.25 

Oct 

S2A2 

5383 

6320 

52.25 

Dec 

61.90 

52.40 

52.65 

51.73 

March 

52.35 

52.73 

62.40 

62.40 

May 

52.75 

53.00 

— 

— 

CRUDE OIL (LIGHT) 



42.000 US gallons, S/banals 



Latsat 

Prev 

High 

Low 

April 

18.07 

17.75 

18.18 

17.84 

May 

17-96 

17.® 

18.10 

17.7S 

June 

17-83 

17.61 

17.95 

17.65 

July 

17.72 

17.52 

17.90 

17.56 

August 

17.55 

17.45 

17.70 

17.45 

Sept 

17-GO 

17.42 

17.62 

17.45 

Oct 

17.60 

17 42 

17-65 

17.55 

Dec 

17.70 

17.48 

17.70 

17.60 

Jen 

17.60 

17.50 

17.50 

17.60 



Close 

Prev 

Hiih 

L 

April 

44.72 

44,65 

44.90 

44 

June 

46.72 

48 JO 

46.75 

46 

July 

46 JO 

46.02 

46.35 

46 

August 

43.12 

43 06 

4335 

43 

Oct 

38.77 

38 £0 

38.97 

38 

April 

36-35 

36 JO 

38.60 

36 

Juna 

38.05 

37.75 

38.0S 


MAIZE 





5.000 bu min, cents/56-fb bushel 



Close 

Prev 

High 

L 

March 

155 A 

153.4 

156.0 

IB 

May 

156.6 

155.6 

157.6 

15 

July 

160.2 

168.6 

160.6 

IS 

Sept 

16A2 

161.4 

164.4 

16 

Dec 

T73.4 

171.0 

174-0 

17 

March 

181.0 

178.4 

181.0 

17 

May 

182.0 

180.0 

183 J) 

18 

PORK BELLIES 38.000 lb. cents/lb 


Close 

Prev 

Htah 

Li 

March 

64.80 

63.52 

8535 

63 

May 

65.32 

63.75 

65.66 

fT 

July 

63.32 

61.60 

63 AS 

■ jj 

August 

6035 

59.10 

60.75 


Feb 

54.50 

54.27 

54.80 

54 

March 

54.12 

54-00 

54.67 

84 

SOYABEANS 




5,000 bu min, cenra/60-lb bushel 



Close 

Prev 

High 

L 

March 

488.2 

488.0 

489 6 

48 

May 

490.0 

488.4 

490.6 

48 

July 

488.4 

487.4 

490.4 

48 

August 

486.0 

485.4 

488.0 

48 

Sept 

479.2 

478.0 

480.0 

47 

WOY 

477.2 

476.4 

478.4 

47 

Jan 

483,6 

483.2 

485.4 

48 

March 

491.0 

490.4 

482.4 

49 

May 

494.4 

494.4 

494.4 

43 

SOYABEAN MEAL 100 ton. S/ton 


Close 

Prev 

High 

Li 

March 

141.5 

140.9 

142.5 

14 

MBy 

138.7 

138.7 

139.5 

T3) 

July 

137.2 

137.6 

138.1 

13 

August 

137.1 

137.8 

137.6 

13 

Sept 

136.8 

137.0 

137.5 

13i 

Oct 

136.0 

138.0 

138.0 

131 

Dec 

136.1 

136.4 

136.4 

13! 

Jan 

137.0 

137.0 

136.8 

13 

March 

138.0 

138.0 

138J5 

131 

SOYABEAN OIL 60.000 lb 

* cema/lb 


Close 

Prev 

mm 

U 

March 

75.78 

15.54 

1580 

15. 

May 

16.08 

15.86 

16.11 

15. 

July 

16.41 

16.15 

18.45 

18. 

August 

16.48 

16.24 

18.50 

16. 

Sept 

16.59 

IB -38 

16.59 

16. 

Oct 

16.70 

16-45 

18.70 

18. 

Dec 

16.85 

T6.56 

16.86 

16. 

Jan 

16.77 

16,52 

18.90 

18. 

WHEAT 





6,000 bu min. cams/60-lb bushel 



Close 

Prev 

High 

U 

March 

296.2 

297.0 

238.4 

291 

May 

286 J) 

289.0 

289.8 

2K) 

July 

261.0 

281.0 

282.0 

258 

Sept 

260.0 

259. 2 

281.0 

2BS 

Dec 

267.0 

265.6 

287.2 

265 


SPOT PRICES — Chicago I 00 M fa 
15.00 (ssms) cents per pound. Ham 
and Harman affver bullion 558.5 (5S9J 
cants per troy ounce. 


Mv. ...|1400-I430 i —5.0, 1410 

“Sales: 3795iT(7he4) lots 'of' 5 torrewT 
ICO indicator prices (US cants par 
pound) lor March 5; Comp daily 1979 
98.73 (99.25): 15-day average 111-59 
(112.70). 


,r MEAT 


RUBBER 


TIN 


GRAINS 


KUALA LUMPUR TIN MARKET; 
Close 17.01 (16.51) ringgit par kg. Up 
0.50 ringgit per kg . 


GOLD 


Gold fell S3* an ounce from Thurs- 
day's close in tha London bullion 
market yesterday to finish at S4WJV 
407V The metal opened at $407V4DB»4 
and traded between a high of 3408- 
408*, and a low of S4061»-407>,. The 
metal lost ground as tredera took 
pro Me ahead of the weekend, following 
failure 10 break through tbe S410 
level. However dealers remained 
optimistic and some suggested that 
the metal could resume its recent 
firmer trend neat week. 


WHEAT 


BARLEY 


Year rdy’a;+ or 

Yaofrdy»4- or 

Mntft 

Ofott 


cktsa 

— 

Mar ~| 

118.00 

+0.60 

113.50 

+0.16 

May-- 

118.68 

+035. 

315.08 

-0.05 

July- 

180.95 

+0.W 

•— 

— 

Sap.— 

99.00 

- 

88.46 

+0£8 

Nov— 

101.10 

- 

- 110.35 

+D.16 

Jan. — 

103.95 


103.00 

+0.D& 

Mar— 

106.X 6 

r~O.W 

106^5 

+0.16 


MEAT COMMISSION— Average f«- 
stock prices at representative markets. 
GB— Cattle S3 6Dp per kg Iw (-0.51). 
G8 — Sheep 18*.43p per kg est dew 
(+2.48). GB— «gs 78-88p par kg Iw 
(-1.36). 

FUTURES — Pigs: Apr 97.50, Aug 
95.00. Oct 98.70. sales IS. Live cattle: 
Apr 98.70. Aug 97,00, ealea 4. 


r - SUGAR 


LONDON DAILY PRICE— flaw sugar 
$201.50 (077-50), down SOe (down 
0.00) e Tonne for March- April delivery. 
Whits sugar $214.50, unchanged. 


PHYSICALS — The London mark, 
opened slightly aasiar. attracted sort 
covering interest at the lower lava 
and ctasad uncertain, reports Lewis an 
Peat Closing prices (buyers): Sp, 
GO.OOp (60.25p): April Sl.ODp (same 
May 60.75p (Bl.OOp). Kuala Lumpi 
fob prices Malaysian cents a kilo 
RSS No 1 223.0 (same) and SMfl 2 
188.5 (190.0). 

FUTURES— Inde* 58S. April 639-64! 
April/Juna B45-CSO, Jufy/Sept 648-65! 
Sales: Nil. 


HEAVY FUEL OIL 


GOLD BULLION (fine ounce) Mar. 6 


Close W0es«-4C7U <£255i*-257; 

Opening... S407V4081, tgSMW 1 *) 
M’n'q fix- 6405.60 t£256.791j 

Aft'rrn fix 8406.30 (£265.616? 


GOLD AND PLATINUM COINS 


(£264la-*66| 
(£263l£-266 J t ) 


Am Eagle- S420-422 
Maple leaf 8418-421 . „ - . . 

Kr'g'r'nd- *411-413 . 

it Krug— *814is-81S» s <£136t4-136*«) 
U Krug— *109ls-llQt* 

Angel. 4416-419 <£*6BV264) 

l/lff Angel SAOH-46&4 t£96y?8 s *) 


New Scv- *97-99 
Okf Sev— 998-100 
S 20 Eagle *500-650 
Noble Plat *640-357 


r£61i«.68«4) 

(£61*4-63) 

(£315-334) 

(£346-362) 


SILVER 

Sliver was fixed 1-3p an ounce lower 
for spot delivery In the London bullion 
market yesterday at 3d*.95p. US cent 
equivalents of die fixing levels ware: 
spot 553.26c, up 2.5c: jhrae-mcmb 
561.85c. up 2.3c: six-month 570.50c, 
2.15c: end 12-month 587.55c. up 


Business done — Wheel: Mar 118.15- 
7.40. May 118 86-8.20. July 121.00-0.75. 
Sept 89.00. Nov 101.10, Jan 10336. 
Mu 100,25. Sales: 403 lots oi 100 
tonnes. Barley: Mer 113.50. May 1)5,30- 
5.20. Sept 98.45. Nov 100 30, Jan 
103.05, Mar tos^S. Sales: 443 tats of 
100 tonnes. 

H GCA— Locational ex -farm spot 
prices. Feed barley: E, Mid* 115.10, 
N. Seat 115.60, Scotland 111.90. The 
UK monetary coefficient for the week 
beginning Monday March 16 (baaed on 
HGCA calculations using 3 days' 
x change rates) is expected to change 
to 1 .286. 

LONDON GRAINS— Wheat: US dark 
northern spring no. 1 15 per cent Apr/ 
May 97.60, June 96-80. US no. 2 soft 
red tv/nter Jid 90.161. French 11*2-12 
per cent Mar 142.25. English feed fob 
Mer 118.00/118.25 buyer/seller, Apr 
11950 buyer. Apr/Jun 119.75/120.00. 
Sepi 100.50/101 XO. Oct/Oec 103.50/ 
104.00, Jen/Mar 107.50/108.25 buyer/ 
setters. Maize: US no. 3 yoHow/Fianch 
transhipment east Coast first-halt Mer 
14430. Barley: English feed fob Mar 
115.00 seller Pater head. Apr/Jun 119.00 
seller EngJiah/Scottish, 120.00 sellar 
Eng fish. 

Old crop wheat finned on lack of 
offers, reflecting stronger country 
markets. New crept found country 
hedge sailing sgsinst shipper support, 
reports T. G. Roddick. 


No. 6 
Con- 
tract 

Vslord'y* 

close 

Previous 

close 

Business 

dona 


* par tonne 

May — 

Aug 

Oct 

1*7.81*8.01 184,4.1*4.8! 1*7.8-184.0 
1B8.B-189J 188 -3-1*8.41 188.0-1*8.0 
18S.M86L4 IB7.6-I67£i 180.8-1*7.4 

185.0- 185,ol 1B88-181.8I — 

19S£-198Ji; 193.4-184£| 18B.D-194.0 

198.0- 199.0) 185,3-281.0/ — 

1 1*9 £-281.4; 189.0-201 J>< 188.8-198.4 

Doc 

Mar — 

May 

Aug 


Month | 

[Yesterday 

+ or 

Business 

close 


Dona 


US* 

per tonne 



Ma r„.. 

95.00 

+8.76 

96.00 

Aor„._. 

93.00 

+3.00 

93.00 

May„... 

95.00 

+4.00 

93.00 


Turnover: 54 (0) Iota of 100 tonne- 


Sales; 375 (1,973) Jots of 50 tonnes. 

Tate * Lyle delivery price lor granu- 
lated basis sugar was EZ35.00 (same) 
a tonne lor export-. 

International Sugar Agreement — (US 
cents per pound fob and stowed Carib- 
bean ports). Prices for March 5: Dally 
price 8.03 (8.06); 15-day average 7.B3 
P-50). 


FREIGHT FUTURES 


The market was strong throng hot 
the day on further short-covering an 
fresh buying lotiowing reports of haav 
Soviet grain purchases and efao o 
the back ol the firmer crude oil marte 
reports Clarkson Wolff. 


OIL 


Close | Hlgh/Low | Prey. 


Crude prices were firmer but the 
volume ol. trade was less than any 
other day this week. Brent traded 
modestly for April and May. April 
WT1 opened 9c up on Nymex and 
Traded 32c up at 1-30 pm EST. All 
petroleum products firmed on active 
buying and tightening su plies and in 
sympathy with futures markets — 
Petroleum Argue, London. 


Dry Cargo 


April 

July 

Oct. 

Jan. 

Apr. 

July 

Oct, 

Jan. 

BFI. 


926 

799 

873 

871/876 

840 

750 

B50 

900 

865.5 



I — 




Latest 


JChange Turnover: 787 (788). 


up 


,8c. Tba maul 
(S55r557c) and 
(557-55BC). 


openfid at 35) -353p 
closed at 351 -355 p 


POTATOES 


SILVER i Bullion 


per 

troy oz 


Fixing 

Prioo 


Spot— 

“ months .] 


348.86p 

357,BDp 


. months .i366.B0p 
l! month* |382,65p 


i+°r| 


L.M.E. 

p.m. 

UnorflC’l 


M.ffl 351, Bp 
-US 360-Sp 
,-lMt - 
-1.05, - 


+ Or 


Uncertainty affected the futures 
throughout the day. with restricted 
volume and quietly easing prices. Some 
profit-taker sailing wss in evidence 
above El 70. 00, reports Coley and Harper. 


+3 

+3 


Month 


lYastenfay's; Previous 'Business 
1 ek»e 1 dot* done 


CRUDE OIL— FOB (8 per barrel)— Mar. 

Arab Light | — • — 

Arab Heavy..- ' - i — 

DUbal 1 16,90-17.00-; - 0.26 

Brent Blend— _-I7.4Q-17.50 .0.20 

W.T.f. (1pm est) 1 18. 1 a- 50. i 5': +0.56 

Forcatu* (Nigeria) J — j — 

Urals (cif NWEi - - 


GAS OIL FUTURES 


„ ; Ycrtrdy*e :•+ or 

Busings; 

Month | elosa \ — 

Dona 

j USS j 


■per tonne 

i 1 

! 1 



ia * Mianees accounts at the BOJ wm Be syndicate are allocated a minute to dominate roe nwryear oono 

when the c 6 is generatiy participate in auctions, portion: 0.01 per cent for auctifin-floSMtS succ^sfuj bid. 

place, but « frern «pt v# : »*&-*-* ^ — - 

^ e -' e - •«T3r , a®IS® [wi% iTO55=rii« ZL\ ^ lii l£ 


IME— Turnover 9 (2) let# ol 10.000 
ounesa. 

Thartt month! high/low 357e. .flngl 


£ per tonne 

Apr- 168.10 171.60 -17Z.M-ie7.7l 

M*y._... 178^0 180,20 il(0.5a-178.H 

Nov. 9S.S0 95,00 (82.00 

Feb. 100.00 1DD.0D 

: Apr .124.80 185^0 


Mar — 

Apr ! 

May j 

June ......... 

July . 


145.00 i -vB.OOll 48.75-49 ■ 
146.75 (+6 1 M'1«7j£2’1 
145,25 ;+«.50'247S5rj 

145.00 + 

146.00 j +4J»| 


PRODUCTS— North Wert Europe 
Prompt delivery Gif (F per tonne) 

Premium gasoline—! iBO-1881 +10,5 
Gas Oil 14J-J45 +5 

Heavy feu) Oil, 02-93 [ +S.. , , , 

fiU”M !S g 3T b 


aAjaj 
* I e.7 


mumi4b^!| 


EWSl— - I Imur 



12 


financial Times Saturday Man* 7 1987 


WORLD STOCK MARKETS 


new York 


| Mar. \ Mar. 
IS* 


Mar. | Mar. 
S 1 4 


Mar. I Mar. 
5 4 


, Mar. t Mar 
- 5 ' 4 


WALL STREET 


Mar. ] Mar. 
5 4 


aar. i 

AGS Computers-! 

AMCA_ 

Amr Corp 

AVX Corp 

■Abbott Lobs. 

Acme Cleveland 

Adobe Rea 

Advanced Micro. 


Aetna Life • 

Ah man 80 n (H.F.li 
Air Prod ftChem 
Alberto -Culver ... 

Albertson's. 

Alcan Aluminium 

Aloo Standard 

Alexander ft Al... 
Allegheny Inti.— 
Allegheny Power. 
Allied Banshares. 

Allied Signal I 

Allla Chalmers— 


Chubb-. ’21 b 

Cigna 66% 

Cincinnati Mil.— 26% 

Citicorp -J 53% 

Clark Equipment 237, 
Clove Cliffs Iron.) 10 14 

Clorox 69^ 

Coant a I Corp . wt 

Goa a Cola- 46% 

Colgate Palm..— 45% 

Colt Inds — ■ 14% 

Columbia Gas--. SOI 4 
Combined Int.....' 37 
Combustion Eng: 39% 
Commonw'th Ed. 37% 
Comm. Satellite. 335a 


Hall (FB)....— 

Haflburton ' 

Hanna Mining....: 
Harcourt Brace... 

Home Corp. 1 

Karaeo j 

Hecla Mining 1 

Hell nman Br«wJ 

Heinz IH J} J 

Heimarlok 3c P...i 

Hercules j 

Herahey ' 

Hewlett Packardi 

Hilton Hotels. | 

Hitachi - 


Morton Thlokol— 

Motorola...— 1 

Multimedia 

Munsingwrear .... 

Murphy Oil ... 

Nalco Chem. ] 

Nat DtsLChem-j 
Nat. Intergroup. J 
Nat Medlaal Entj 
Nat. SemJcnaatr.} 
Nat. Service Ind- 
Nat-WestBk ADR. 

Navistar Inti 

NBD Banoorp..._' 
NCNB... — 


475s i 45S, 
Blit 48*8 
52-4 . 601, 
10% 1 11 
31 : 30 r a 

32 '2 \ 321, 
S9% . 603s 
14 1 141, 

27I B ! 26% 
155s , 251, 
EB% ■ 29% 
28% . 28% 
7 i 71, 
35 ; 344* 

24 7a 1 251, 


Schlumberger.... 

Scientific At Ian.. 
Scott Paper 

Sea Containers...: 

Seagate Tech 

Seagram ; 

Sealed Power I 

Sears Roebuck.-.] 

Security Pac , 

Service Master ... 
Shared Med. Sys 

Shell Trans. ; 

Snerwtn Wms..— : 
Sigma Aldrich. 
Singer. - 


Mixed on 

employment 

figures 


Camp said they were consider- 
ing increases. 

THE AMERICAN SE Market 
Value intiex__ eased 0.76 to 328.71, 
reducing its rise on tta week to 
6.95. Volume -11.79m stares. 


Alcoa... ......———i 

A max 

Amdahl Corp 

Amerada Hen 

Am. Brandi 

Am. Car? 

Am. Cyanamld— 
Am. Eleo. Power 
Am. Express— 
Am. Gon.Corp— 
Am. Greetings — 


Comp. Sciences.- 
Com puts rvlalon 

Con Agra — ; 

Cons. Edison— | 
Cons. Freight— 
Cons. Nat. Gas- 
cons. Paper. — : 
Consumer Power! 

Conti. Corp 1 

Conti. Illinois— | 
Cent. Ulna Hldgsi 
Conti. Telecom—] 

Control Data J 

Converg. Techs J 


Holiday Inns.... 

Holly Sugar 

Home Depot—. 

Homeatake 

Honeywell 

Hormel- 

Hospital Corp.. 
Household Int . 
Houston Inds... 
Hughes Tool— 
Humana... .... 


81 ?s 

....‘1065* 
as ip 
285s 
.. .| BBSg 
. ..! 38 Li 
-J 354, 
_. 56 

; 375a 

..... 1H, 

— 227a 


NCR — .... 

NeC.wrk Systems 
New England El. 
NY State E & G— 1 

NY Times 

Nawmont Mln'g.. 
Niag. Mohawk.... 

NICOR Inti.. _j 

Nike B_ 


Am. Holst- - 8% 8% 

Am. Home Prod.. 89% 88‘s 

Am. Intl'Grp. 772* 7S7g 

Am. Medical Inti 19% 19% 

Am Motors — 36® 34, 

Am.Natlonal 431, 43 

Am.Petroflna.— - 45 45 


Cooper Inds ! 54% 

Coors Adolf— ■ 25 

Copperweid 7% 

Coming Glass .... 60% 
Corroon & Black- 345, 

Crane ! 43% 

Cray Research —'124 

Crown Cork 124% 

Cummins Eng.— 79% 
Curtiss Wright 69;® 


Am. standard— 

Am. Stores — 

Am. Tel. & Tel- 
Amarttech.—— 

Ametek .— ... 

Amf ao— - 

Amoco.—— 1 

AMP. -j 

Analog Devices.. 
Anchor Hockg,— 
Anheuser Bh — I 
Appollo Comp—' 
Apple Comp—-— I 
Archer Daniels-— 
ArlzoBa Pub.Ser. 

Arkiar— 1 

Arm co.. 


Daisy Systems ... 

Damon 

Dana - 

Data Gen 

Datapolnt 

Day co 

Dayton Hudson 

Deere ! 

DeltaAIr < 


13 I Ills 
161* I 167® 
40ls ' 41 <■ 
356s ( 36 >2 
5 Big 
32% 1 325* 
45 I 44 
39 I V9 
63>, j 63 


Husky Oil 

Hutton 1 EF 1 

1C Inds 

ITT - 

IU Int 

Ideal Basic Ind — 1 

lllnols Power 

I Cl ADR -.: 

Imp Corp Amer.. 

INCO — 

Ingersoll Rand — 

Inland Steel 

Intel — .— 

Ini area — 

Inter First Corp...! 

Intergraph I 

Inter Lake Corp— 


NL Industries 

Noble Affiliates..! 

Norstrom — 

Norfolk South'rn 

Nth Am Coal 

Nth Am Philips... 
Northeast Util— 
Wrth Indiana PS- 
Nrthn State Pwr. 

Northrop — • 

N West Airllnes...l 
Norwest Corpn...| 
NWest Steel W....| 

Norton — 

Novo Inds’ADR... 1 

Nynex - ' 

Occidental Pot—! 
Ocean Drill Exp. 

Ogden 1 

Oglivy Group 1 

Ohio Casualty — 
Ohio Edison.—! 


Skyline 17 1 * 

Slatterly Group™ 29 

Smith Int — ‘ 45s 

Smith Kline- 1124* 

Sonat.. 32 

Sonoco Prods 1 484, 

Sony.— ! 21% 

Southeast Bankg 29% 
Sth. Cal. Ed Jeon.' 34ij 

Southern Co 277| 

Sth N.Eng Tel. -j 563, 

Southlands. 515* 

S’Weatn Airlines. 1 247 8 

S’ West n Bell 1151* 

Spring Inds. — 674, 

Square D 51% 

Squibb - :1651a 

Stanley IA.F.). J 273, 

Std. Brands. ‘ 23 

Std OH Ohio 1 577| 

St. Products 52 


Armstrong Wld 

AUTBO..... \ 

Ascend Oil | 

Atlantic Rioh. ! 

Auto. Data Pro— j 

Avantek— 

Avery Inti I 

Avnety.— | 


Delux Chk Print-; 35 % 
Detroit Edison... 18 >3 
DlanrondShamrk' 15 

Diebold 59 'a 

Digital Equip-— 1705, 
Disney iWalti— 60% 
Dome Mines.—’ 115a 
Dominium Res.—' 44r, 
Donnelly 1 RRj— I 77 >3 

Dover Corp 1 555, 

Dow Chemical — 1 78 

Dow Jones— 65U 

Dravo — ' 197s 

Dresser — ] 26's 

Duke Power . — 1 4712 
Dun ftBradstreet 1243, 

Dupont — 1024, 

EG &G.~ ,| 34% 

E Systems— . — < 54 1 , 


ISM 1401c 140 

Int. Flavours 4n% ! 46 1 a 

Int. Income Prop' 14 1 14% 

Int. Min. AChem.i 35 347g 

int. Multifoods- 28Sa 27i, 

Int, Paper..— 98ia 93% 

Irving Ban k — 494g 49>a 


Olin .] 

Oneck— I 

Orient Ex. Htls —I 
Outboard Marine: 
Overseas Ship .... | 
Owens Coming J 
Owens Illinois — 

ainrip 


Jaguar ADR..— .. 
James River. — 
Jeffn-PHot— — 

Jim Walter 

Johnson-Contr - 
Johnson & J ns... 

Joy man. — 

K. Mart 

Kaiser Alum — 
Kaneb Service.. 


... 9i2 . 95g 

41% : 404g 
365, ! 361, 
.1 66i a I 647g 
32% • 321, 
. 91 91*8 

. 334, ; 33*4 
. 60 1 67 % 

. 17i a . 17% 
. 23, : 2% 


PACCAR 

PHH Group 


49% r 49% 
38<, j 38% 
31, 1 27 S 

341, 33T b 
224b 22 

27% 26lg 
60% 90% 

57 57 

37 la 364, 


Stanley Works— 1 32 
Sterling Drug..— : 53*, 

Stevens (J.P.1 ' 395, 

Storage Tech..—! 4% 
Stratus Comp..— 33% 
Subaru Amer.— 21 

Sun Co 595, 

Sundarstnd— 59% 

SunTrust 25 

Super Value StrJ 253, 

Syntex 84 

Sysco— 37% 

TIE Comma 3% 

TRW ... 1 98% 

Taf 132% 

Tambrands ...... I 66% 

Tandem Comp—I 667g 
Tandon 1 3% 


Avon Prod 

Baker Inti- — — 


Bally Manfg 1 

Baltimore Gas.—' 


Baltimore Gas.— ) 

Banc One - 

Bank America — > 

Bank Boston 

Bank N.Y 

Bankers Tet.N.Y. 
Barclays ADR 
Barnett Bkt FI— 
Barry Wright — 

Basix ... — 

Bausch ft Lomb.. 
Baxter Trav.— 


Eastern Gas ft F., 28 
Eastman Kodak .' 77% 

Eaton - ! 84 

Echlin Mfg > 23% 

Emerson Elect.-- 104% 
Emery AlrFg— .J 13% 

Em hart 1 41 

Engiehard Corp*' 40 t b 

Enron Corp™ 1 44% 

Enseareh — — 1 207g 
Ethyl 28 t b 


Kaufman Brd — I 

Kellogg 1 

Kam per„ 

Kennametai. — 

Kerr MGee | 

KeyCorp—.—! 

Kldde —I 

Kimberly-Clark...:; 
Knight Rdr. Inc.. 

Koppers ' 

Kraft Inc 

Kroger - 

LTV J 

Lease way Trans. 


PNC Financial ... 

PPG inds 

Pac. Gas ft Elec.., 
Pac. Lighting... 

Pacfflcorp- 

Pec. Telecom— 

I Pac. Telosis— 

Pall : 

j Pan Am. Air.—...' 
Panhand Pipe — 


Becor Western— 
BecktonOloldson 

Beker Inds 

Bell Atlantic — 

Bell Howell 

Bell Industries — 
Bell South.. — - 
Beneficial — — 

Beth Steel 

Betz Labs™ 

Black ft Decker J 


Exxon.——' 81% 

FMC ! 31% 

FPL i 32% 

Farmers Group™ 48% 

Fodders. 8% 

Federal Co. : 48% 

Federal Exp 63% 

Federal Mogul— , 447g 
Fed. Nat. Mort- 46% 
Fed. Paper B’rd... 40 


Lilly (Eli 1 1 

Lin Broadcasting 

Lincoln Nat. 

Litton Inds 

Lockheed 

Loews 

Lone Star Inds... 
Lone Star Tech... 
Long isl. Light.... 
Longs Drags Sts. 
Lotus Duval- 


• Paradyne- 

' Parker Drilling—: 
Parker Hanoi hn.! 
Payless Cashw...: 

Penn Central 1 

Penn Pwr ft L— ■ 

Penney 'JO 

Pennzoll 

Peoples Enrgy.— 

Paps l col ! 

Perkin £.mcr 

I Petris Store a • 

I Pfizer 1 

' Phelps Dodge..—! 
Phlladel. Elect— 

Philip Morris 

Phillips Pet - 

Pie N'Sava ! 


Tandy. —I 86 

Tektronix 1 40 1* 

Teledyne 34D 

Telerate—. ! 3B 

Temple Inland...! 78% 

Ten m 3 co 1 437* 

TesoroPet 1 12 ig 

Texaco ' 34sg 

Texas Comm Bk. 30 
Texas Eastern.. 34% 
Texas Instrumnt 169% 
Texas Utilities....: 36% 

Textron : 65 

Thomas Betts.-™ I 61% 

Tidewater _J 5% 

Tiger Int—.. — . 11% 

Time Inc 87% 


THE MARKET paused on Wall 
Street yesterday, after two 
sessions of strong gains, and 
traded mixed on heavy volume. 
Blue Chips inched higher but 
the broader market eased as a 
stronger than expected rise in 
February non-farm, payroll em- 
ployment caused investors to 
re-evaluate their expectations 
about the economy.- 

By 1 pm die Bow Jones 
Industrial Average was off 2.95, 
at 2273.48, reducing its rise on 
the week to 49.49, while the 
NYSE All Common index, at 
$185.09, shed 32 cents on the 
day but held a $3.03 gain on 
the week. Declines led advances 
by a seven-to-five margin in a 
volume of 147.72m shares. 

" Most people feel this has 
been a good week, and the 
market is near its highs, and 
they are pretty content,” trader 
Jack Baker, of Shearson 
Lehman Brothers, said. 

The rise in non-farm payroll 
employment hurt the Bond 
market. Smith Barney trader 
Peter Furniss said, because they 
interpreted it as a sign the 
economy does not need any 
prodding in the form of an 
interest rate cut. It also caused 
some reassessment of invest- 
ment strategy, as investors 
questioned whether they should 
resume their move into 
economically sensitive stocks. 

Paper stocks, which soared 
Thursday when the dollar gave 
some ground and International 
Paper announced price increases 
in its lioer board products, were 
up again. Yesterday's gains came 
as Stone Container also raised 
prices and Mead Corp and Union 


CANADA 

Stock prices - held slim early 
gains at msdsesrion, buoyed by 
Oil and non-Predous ' Metal 
shares. 

The Toronto Composite Index 
rose 5.6 to 3.625.0 in active turn- 
over. Oil and Gas index was 
up 18.1 at 3.67-L9 but Golds lost 
4L6 to 7,361.0. 

Dome Petroleum shed 3 cents 
to $1.15— the company reiter- 
ated that its 23 per cent stake 
in gold miner Dome Mines, off 
$i at S15f, was for sale at the 
right price. 


Hie Hang Seng! index lost 82 
points 'Thursday, suffering its 
worst loss since August ‘3982, and 
brokets said the market is now 
in a consolidation phase. ■ ■ . ■ - 
Brokers 'said "economic' funda- 
mentals should continue to sup- 
port the market Gross domestic, 
product grew by nine per cent 
in 1986 and is forecast to rise 
six per cent this year. _ 


respectively. Gan MtoerAjhtan 
■farther advanced 23 to 

A£L 98 , after, a record 


* lliii 


TOKYO 


Stock prices felL ending five 
days of record-breaking rises, as 
concern over an overheated 
market and a dearth of clear 
buying themes . led to profit- 
taking. 

After soaring to a record of 
21,345.95 in early trade, the 
Nikkei Bow market average 
closed down 70.18 at 21.105.85. 
Thursday the average finned 
14L37. 

Declines led advances nearly 
three-to-two in a turnover of lbn 
(950m) stares. 

Profit-taking in Securities com- 
pany stocks which, heavily 
weighted in the index, comprised 
much of the index’s decline. 
Communications, Airlines, Banks, 
Rubbers, Electricals. Ware- 
houses, Truckings. Minings. In- 
surances and other Financial 
firms also fell. 

AIDS-related stocks, boosted 
?-v UK Government approval of 
Retrovir for general use. are 
likely to rise against the trend 
in the short-term, one broker 
said. 


SINGAPORE ‘ 

Mixed after profit-taking pared 
early ping in active trading. 

Several Blue Chips . and 
“quality” " stocks, which , had 
risen sharply during' the recent 
rally, came under profit-taking 
but selective Malaysian “lower- 
priced " and . “ speculative ” 

counters continued to attract 
buyers with fairly moderate 
gains recorded. ....... 

The Straits Times Industrial 
index lost 022 to 1072.78. 
Volume 57.3m (58.7m) units. 


I Fed.Dapt. Stores; 96% 


Block IH. ft RJ— 
Blount incB.— — 
Booing 

BoiM Cascade — 

Borden- — 

Borg Warrior. 

Bowater Inc.— - 


Fin Corp— 9% 

Firestone— — ..j 367 B 
1st Chicago- — 1 32 
1st City Bank — j 35, 
1st Interstate —> 57% 
1st Mississippi— i S$s 


Louisiana Land... 

Louisiana Pan 

Lowes 

Lubrizol 

Lucky Strs 

M/A Com Inc — 

MCA....- 

MCI Comm 

Mack Trucks 

Macmillan 


Briggs Stra'n 

Brtatl Myers — 

B.P..._ 

Bt TolecomADR 
Brookway Glass. 
Brown Forman B 
Brown Group..... 
Brown & Sharp- 
Brown ■Ferrl*'.— 


Brown "Ferrl: 


Brunswick. 

Burlington Ind — 
Burlington Nrth. 

43% 

48 

67% 

CBI Inds. — — - 

30% 

CBS — 

1614* 

CPC Intt 

477, 

CSX — 

33% 

Cabot- - 

34% 

Cameron Iron— 

14% 

Campbell Red L. 

26% 

Campbell Soup— 

64 

Can. Pacific 

17% 

Cannon Inc—.... 

9% 

Cap. Cities ABC-j 337% 

Carlisle Corp 

37% 


1st Penn 

1st Wachovia— 

Flshback 

Fl »o ns 

Fleetwood 

Florida Progress 
Fluor . — — - — 

Ford Motor 

Fort H'wd Paper 1 
Foster Wheeler. 
Freeport McN— 

GAF 

GATX — 

GEICO 

GTE Co 

Gallagher AJ — 
Gannett — 


Manic Hanover- 46 
Manville Corp — 27s 

Mapco 62% 

Marine Mid 52 

Marion Labs 60% 

Marriot — - 43 

Marsh McLennan 67 
Martin Marietta- 46% 

Masco ..- 37% 

Mass Multi Corp. 50 

Mattel 11% 

Maxxam— n% 

May Dep. Strs— 48% 


Piedmont AWatn, 

Plksbury. I 

Pioneer HI Bred. 1 

Pitney Bowes 

Plttson 

Plessey— 

Pogo Producing. 1 

Polaroid i 

Policy Mgt.Sys ... 

Potlatoh - 

Potomac EL Pwr 

Prab Robots 

• Premier Ind 

. price Co 

I Prim ark — ...— 
Prime Computer 
Procter Gamble. 
Pub. Sorv. FAG., 
Pub. S. Indiana .. 
Pullman Pbody.. 

Purolator...- - 

QuakerOatf 


68% 694, 

43% 43% 

34i< 33% 

42% 40% 

14% 13? fl 

374, 38 

7 7% 

76% I 75% 
26% I 27% 
76% 74% 

49% SO 
3% 3% 

34% 34% 

445, 44% 

27% 27% 

21% 215, 

90% 87 

415a 41% 

16% [ 16% 
8 % 8 % 
34% 345s 

49% ; 491, 


Times Mirror 

Timken 

Tom Brown 

Tonka Toys 

Torchmark 

Tosco - - 

Total Pet 

Toys R US — 

Transamerica— • 
1 ran sco Energy.. 

Trans World 

Travelers 

Tribune 

Trleentrol — 

Trl Continental ... 

Trinova Crp 

Triton Energy 

Tyler. 


Closing prices for North 
America were not available 
for this edition 


HONG KONG 

Steady close after a late round 
of buying offset strong selling 
pressure that had spilled over 
from Thursday’s big setback. 

The Hang Seng index finished 
0.20 higher at 2,798.64 after 
swinging some 70 points through- 
out the day. The Hong Kong 
ndex was up L01 at 1,792.71. 


AUSTRALIA 

Share markets again reached 
record levels, boosted by con- 
tinued local - mid overseas 
demand for leading Industrials 
and Golds. 

Brokers said market ' senti- 
ment has been bullish all week 
because of good results during 
the latest reporting period and 
strong performances on overseas 
markets. “Net cash flow from 
overseas has remained strong 
and domestic institutions . still 
have cash in their pockets,” said . 
one broker. 

The All . Ordinaries index was 
up 10.1 to 1.646.6, passing Thurs- 
day’s record high of 1,836.6. The 
AU Industrials index also dosed 
at a new record of 2,616,1; -up' 
11.8, and AH. Resources advanced 
S.7 to 910.8. .The Gold index 
was 41.7 higher at 2.187.2, but 
Oil and Gas died 14.7 to 706.7. 

National tnmover . 163.6m 
shares worth A$26S.Sm, with 
rises outnumbering falls 368-to- 
296. 

Golds were quietly traded but 
stronger on balance. Profit- 
taking stepped - up slightly 
following a US$3.20 slide in the 
bullion price overnight. Lead- 
ing producer Kidston put on 32 
cents to AJ7.70, Whim Creek 
50 cents to AS3.10, and Sons of 
Gwalja and Renison 10 cents 
each to A$8.80 and A? 1250 


GERMANY •. 

Mostly lower to aettv* trading 
as operators squared positions 
ahead of the weekend. . i 

Deutsche Bank, up DM 7£0at £5 
666.5, was one of the few mm* 
which gained ground, pushed up 
by a large foreign buy order mid 
helped by news it will place lm 
shar es of construction firm 
Hochtief from yesterday at 
DM 760 each. . ■ •. _ . 

Hochtief; suspended Thursday, 
sending the announcement, 
Sopped Fto 131 to v .^ 77( ^ a - 
The Commerzbank index of 60 
leading shares, calculated at mid* 
£ssio£ rose to MKA v 
r Bourses still depend un-.the 
dollar and people are quick, to. - 
. profits," one dealer said. 
Japanese investors were seen 
boding this week bat domestic 
institutions . remained . on the 
sidelines. 

The Auto sector .came under 
pressure .generally on news VW aL 
expects a further fail in VS 
sales- VW fell DM 13 to 352,50 
and Daimler lost' DM; 14 to 975. 
BMW dropped DM 15 to 479: 

SWITZERLAND -J 
Domestic stocks closed mixed 
despete selective demand . 7 as 
some sectors suffered -from, 
profit-taking ahead o£ the week- 
end. 

Among internationally ' known 
Industrials and Financials,' buy-, 
ing focused on Clba-Geigy and 
Jacobs Sn chard with the Giba- 
Geigy bearer moving- * up 
Fis 175 Id 3,325. - 


y ■, 


v* 


1 ‘A t- T r ' ' 


.L' 


v- •- 

<* - ■»- 


Generally higher." in fairly 
active trading. 

Dealers said uncertainty about 
the current Government crisis 
hurt volume, which:- was focused 
on Flat, Olivetti, Montedison, 
merchant bank Mediobanca and 
'selective financials. .... 

Ranks - performed >. well. - 
Insurorers were- mixed. 




PARIS 

French -shares eased on profit- 
taking; that: followed • five 
straight highs of the CAC faidex, 
at 444JL Thursday.- 
The indicator was down . 6.46 
per cent and losses out- 
numbered gains - by 87-to-52. 


CANADA 


Mar. I Mar. 
5 : 4 


< Mar. Mar. 
Stock 5.4 


Carolina Powor.. 39% 
Car pantar Tach. 39% 

Carter Hawley 57% 

Caterpillar — 49% 

Cantel- — 86% 

Centarlor En— . 83% 
Centex — — 34% 

Central ft SW 35 

Cartaln-Taed — 37% 
Champ Home Bid 1 % 
Champ Int——. 385g 
Champion Spark 12% 


Galco - 21% 

Gan. Am. Invest.. 20% 
Gen. Clnama — 52% 
Gen. Dynamics— 77T, 
Gen. Electric. — 108% 
Gan. Instrument. 26% 

Gen. Mills— 52% 

Gen. Motors— 78 
Gen.Pub. Utilities! 25% 
Gen. Reinsurince- 68% 
Gen. Signal— 48 
Gen. Tire — . —— ! 79% 
Genentech—— - 61% 


Maytag 55% 

McCulloch 13% 

McDermott Inc.. 274s 

McDonalds 78 

McDonnel Doug. 78% 

I McGraw Hill 69% 

McKesson 36% 

Mead 71 

Medtronic .... 69% 

Mellon Noti- I 55 

Melville. ! 69% 

Mercantile Stra.^110 


Quanex 

RJR Nabisco 

Ralston Purina -. 

Rarnada Inna 

Rank Org ADR.... 

Raychem : 

Raytheon 

Reading Bates.- 

Redman Inds 

Relchhold Chem 
Republic Banc-.. 
Research Cott ... 
Resort Inti. A— ... 


ULA. 56 

USX 2470 

UccelCorp 32% 

Unilever N.V.— 260% 

Union Camp. 68% 

Union Carbide 27 

Union Electric— 29% 

Union Pacific 75% 

Unisys «... 104ts 

United Brands... 48 

Unocal 32% 

USAIR Group 48% 

US Fidelity ft Gr. 46% 
US Gypsum ...... 394, 

US Home — I 7 

US Shoe ! 27% 

US Surgical J. 26% 

USTobaoco 27% 

USTrust 39% 

US West 55% 

Utd. Technolog.. 53% 
Utd. Telecomms 29% 
Upjohn.-.—.. 14950 

VF - 375, 

Valero Energy ... 9% 

Vartan Assocs ... 28% 

Verity Corp 2% 

Vemtron.._ 9% 


Abitibi- Price. ; 

Abitlbl Res 

AMCA Inti- 

Agnlco Eapl- ( 

Alberta Energy...) 
Alcan Aluminium 
Algoma Steel. -.J 
Bank Montreal—I 
Bank Nova Scotia 1 

BCE ; 

Bombardier A.... 
Bow Vallay—— -J I 
BP Canada Res.- 

Brascan A. 1 

BC Forest.. ..< 


Cambell Red L~i 33% 
Can. Cement PtJ 15% 
Can. NW Energy. 1 17% 

Can. Packers. < 16% 

Can. Trustee \ 66 

Can. Imp. Bank-. 21% 

Can. Pacific 23% 

Can. Tire A— 1 14% 

Canfor. -• 30 

Carling 0*kfe j 17% 

Chieftain- ...! 11% 

Oomlnco - 16% 

ConigasMines ...' 6% 


Dome Petroleum! 1.18 

Dorn tar 46% 

Faloonbrldga 20 

Fed. Inds A. 18% 

Gendh A—. 20% 

Giant Y> knife 21% 

GulfCanada 25% 






Cons. BathsL A...' 187 s 


Co remark Int. . 
Costain- 


GIL— 

Cadillac Fairviewi 


Denison Mines.... 7% 

Dofascoinc j 25% 

Dome Mines A....I 15% 


Hawker Sid. Can 

Hudson’s Bay 

Husky OH 

Imasco 

Imperial OH A— 

Inco... 

indal 

Interprov. Pipe— 
Labatt (John] — 

Lac Minerals 

LaurentianGrp— 
Lob law 


GERMANY 




Charter Co— — j 5 47, 

Chase Manhatt'n 387, 387, 

Chemical NY 1 47% 46% 

Chevron .— —1 50% 507, 

Chrysler.— — I 53% 501, 


Gan rad- 1 

Genuine Parts .— 
Georgia Pac. — 

Gerber Prod.—. 

Gillette — 

Global Marine— 
Goodrich (BF)— 
Goodyear Tire — 

Gould 

Grace-- 

Grainger (W.W.). 
GL All. Pac. Tea. 
Gt, Nthn. Nekoo. 
G. West Financl. 

Greyhound — 

Grow Group—— 

Grumman — . 

Gulf ft Western ..I 
Gulf States Utl— I 


Merck 160% 

Meredith 35% 

Merrill Lynch — 42% 
Mesa Ltd. Part... 16% 


Rexnord ...... 

Reynolds Mtls.. 

Rite Aid 

Roadway Exps- 
Robins lA.H.I.... 
Rochester Gas- 
Rockwell Inti... 
Rohm ft Hass — 

Rollins — 

Rouse 

Rowan 

Royal Dutch 


Vulcan Mater1als,138 

Walnoco Oil 67, 

Walgreen - — 37 

Wal-Mart Stores. 58% 

Wang Laba B 16 

Warner Comma.. 31% 
Warner Lambt - 


Micom Systems- 

Mid 9th Util. 

Mi I ii pore 

Minnesota Mine. 
Mitchell Energy. 

Mobil.— 

Mohasco 

Mol ex. 

Monarch MIT 

Monolithic Mem. 

Monsanto 

Moore MoC*mck. 

Morgan IJPi 

Morgan Stanley.. 
Morrison Knud ... 


NEW YORK 


elnd u atrial s!2 2 7 5,45 





















































































































































13 


.1' 


^Financial Times Saturday March 7 1987 


es&mqHH 


•*&.'* *A- . • . X . v- ; •- 


FOREIGN EXCHANGES 


Sterling continues firm 


r rnstnON EXCHANGE 

Government bonds continue to 



STERLING SHOWED farther gains 
. in cwrewyxnarkets yesterday, dos- 
ing.at a six-montth high on its index 
-and its best level against the dollar 
since Jane - 196S. 

Demand for the pound c ont i nu ed 


The dollar again met resistance 
at the DM 1.84 level and foiled to 
break out of its recent trad™* 
range. With central banks still 

able to deter a renewed tot on the 

dollar despite an unchanged and 


’ amid further Indication* from the bearish dollar wentimenLthe ITS long 1X350 1 

"I^ik of Engjand that it did not wish unltlried to move firmer bntthere The dol 1.8415 on j „ 


cult to imagine what sort oC 
response was expected smew cen- 
tral banks still hold sufficeot 
influence to deter any downward 
dollar move while speculators 
were unlikely to pile ui and cany 
long positions the 


Account Dealing Dates 
Option 

*Ftrst Dacian* Last Aoeomt 
Dealings tions Dealings Day 


Hv 5 Mar fi 
Mar 19 Mar fl# 

Apr 2 Apr 3 

Haw Urn* deal in gc mar **fce vtoc* 
two ImkImu dar> urOar. 


FA 23 
Mar 8 
Mar 23 


MarlS 
Mar 3S 
Apr 13 


, to sae ah , early cut In UK interest 
! ratCs. Foreign investors Were keen 


was still a lack of conviction compared with The UK securities markets ended 

despite better than nnemploy- Thursday, hawng been earter^n wee k m a.quietfy confi- 

.rrrTi.»-v. .hnnmi » fine the day at DM 1.8354. BQuauy with shrugging 


- to take advantage of the interest rate 

differential, with Euro-yen and D- 
1 Marks offeriijg lust above 4 per cent 
. ’‘"wfafle Eunwiterihig was paying 
nearer 10% per cast This differen- 
tint has been around for some time 
' f~ but the attraction is now much grea- 
L terhecatme ofthe recent stability of 
' 1 the dollar which has helped starling 
• improve. 

> Stortings exchange rate index 
■%a‘- rose to 7L8 from an opening of TL5 
and last nights close of 71.4. Against 
; fee dollar it rose to jL 5BOO from 
. and dm za&ST compared 

' with Ml £8900. Hsewhere itruse to 
1 Y244.0 from Y34L75 and SFr 2.4050 
compared with SFr 2.4350. Against 
■ the French franc it finished at FFr 
- &73 from FFr 9.6150. 


ment figures which showed a nse 
in the non-form payroll element of 
337,000 and an unchanged overall 
figure of 6.7 per cent The dollar 
closed at DM 1-8395 from DM 
US315 and Y153.40 compared with 
Y153L20. Against the Swias franc it 
rose to SFr 3J55 from SFr L5440 
and FFr 6.12 from FFr 6.0950. On 
Bank of England figures, the dol- 
lar’s exchange rate index was 
1029 from 104.L - 

D-MARK— Trading 

against the dollar in 1086-67 is 
2.4710 to L78T70. February average 
U2S4 Exchange rate index 147.4 
against 147.6 six months ago. 

There was little reaction to 
yesterday’s better than expected 
US unemployment data. It is dm*- 


there ws little reaction to a foil in 
West German industrial orders 
and output in January. 


JAPANESE YEN— Trading 

range against (he dollar in 1988-87 
irSa-70 to 15130- Frtnuury aver- 
age 15236. Exchange rate index 
209* against 2129 six months ago. 

Thera was little movement 
between the yen and th dollar in 
nuiet trading- The dollar closed at 
Y 153.55 compared with Y153.35 in 
New York and Y153.75 in Tokyo on 
Thursday. With the dollar con- 
fined to a narrow range, attention 
moved towards the yen’s perfo£ 
mancme elsewhere. The D-Mark 

finished at Y8276 from Y83.50. 


off the profitrtakera and moving into 
toe new Budget trading account 
while Government bonds turned 
higher in the absence of any new tap 

^The moves taken by toe Bank of 
England this week to discourage 
expectations of bank base rat e cuts 
before Budget Day kept both market 
sectors in check yesterday. But toe 
City still expects interwi rate cum to 
follow on the heels of Budget reduc- 
tions in personal taxation. 

Equities opened lower as a firm 
pound again discouraged the inter- 
national investors who have made 
toe running in the blue cfaps-M^r- 
ket caution was confirmed when 
" ft 



with uninsp»m»fi comment ab°u 
the group's short-term P« 

Si* down 11 mo re to_585g. 

Ltichfir Auchan picked Uii4to 


Sop awaiting Tuesday’s interim 
figures, while scattered demand 


in a market short of stock lifted 
Perry 20 to 226p. Lex Service slip- 
ped 7 to 342p on elowr assessment 
of Thursday's preliminary state- 


m principal movements in Papert 
Printing tended to forour Mk 
DRG ran into prott-taking ane^ 
Thursday’s 011 bld 


Day's High 1601.6, 

. Sec 

LONDON REPO RT AMD 

week 91 higher at 511p on 


SSUi S&jiftSSj;* 

Starr sras 

Packaging, a star performer ear- 
fierSfthe week, stayed at 365p. 
But Ware gave up 7 more at lllP- 
Snace Planning Services, which 
has acquired a firm or chartered 
architects, lost 2Vzto 85 birtMoer- 
gate rose 22 fortber to 180p still 
reflecting the Abbey Life Assur- 
ance disclosure of a 7.52 per cent 
stake. Monotype surged higher 
late to end 26 up at 181 p- 
Marier Estates rallied % more 
4 for a two-day recovery of £1VL tot 
still sustained a Ml, £ » : on tta 


t tt 
in 


nmmeed a ■— tap stock, in a forte SWSTS-SSg*^ 

Ladbroke Group anpounerf damp the market down. Whentte. gJJj® 9Kpmsim by acquisi- amid hopes of a bum- * un djCraven Cottage. Else- 


£ IN NEW YORK 


Mar 6 

Utttt 

Pinlw 

Close 

£SfX*~ 

1 matte imh 
3 months — 
12 mates — 

13880-15890 
0X04157 pm 
154-150 pm 
5JX-5X0 PM 

15835-15845 
0574)56 pn - 
156-153 pm 
5X24.92 pn 


Forward premHus and dsewnts apply to the 
U-S. Sonar. 


STERLING INDEX 



Mar. 6 

Previous 

850 te> ■ — 

9X0 mu 

10X0 am 

31X0 m . — 

Noon — 

1X0 pm 

2.00 pm ...... 

- 3X0 pm 

4.00 pm 

715 
714 
714 

716 

717 

717 
719 
72X 

718 

70.9 

70.9 

70.9 

715 

713 

713 

714 

713 

714 


Mar. 6 

Wt 

MRSBd 

CtOR 

One note 

96 

ta 

mutes 

% 

P-P- 

US — 

15750.15905 

15895-15905 

211402J050 

359%-33»2 

60.456055 

10.99%-11X0% 

1X920-1X930 

2.92-2.93 

22330-224X0 

204X040450 

060X57 c pro 
065X55 c pm 
1%-lV c pn 
17-14 c pn 

YU om *» 

022-035 pdh 

1V1% Pi Pm 

74-158 e ifc 
37-61 cdb 

4.42 

3.41 

153-1.48 pn 
149-134 pn 

268 

- — 

NetVtates — 
Briphn — 

Oennarfc — 
lretanl 

W.Gcnnanr- 
Portvari 

32*430% 

59.746055 

1057VUX1 

10(00-1X965 

258%-2.93 

22210424-20 

2032820456 

5X0 

3X7 

-143 

-313 

657 

-623 

-2X8 

4-3% pm 
41-35 pn 
44% rib 
0X0-1.10 dli 
4124% pn 
260426 tJK 
135-173 te 
8pm-4 dh 

251 

-161 

-3.48 

5.98 

-654 

-3X1 

038 


2051%-2078I, 

207712-2078% 



12Y13% dh 
5%-4% pn 
l%-2% te 

-4.74 

nwwiv ■ 

France 

^ wtrfrn 

10.95%-1K3% 

9j60V)-73% 

KU5%-1024 

11X2-11X3 

9.72%-9.73% 

1DJ23L-10J23L 

2V2 c pro 
Yloredk 

2.70 

-0X8 

2X0 

-0.73 

5.74 


242%-244 

243%-244% 




530 

Aostrta 

Swttzerlaad. 

2029-20l&0 

242-2.47 

2052-2055 

2.46-2.47 

1Y1% c ph 

6X9 

iVftpn 

6X9 


SK ** ta* and the FT-SE ^ Without ne^ 

index fell below the 2,000 mart. extended their early gains to 

But the early flail of 15 P**™*® Sdwith net rises of Vk P«to— put- 
the FT-SE scale was quickly trim- ^ lon£er dates on a 03 per 
med, and trading slackened perrePf; SS yield. 

ibly. After a ton dart on ^aU comment on the forthcoming 
Street the FT-SE 100 >wdn i emted of Mercury Araet Man- 


ti< Building issues prese" 1 ^ ® 
mixed appearance. Blue Circle 


meanwhile, moved up « to 213p k at following the con 

specula- Storehense rose 8 to 309p as onrrnundioE its propo 

investor remained keen 
ing retailers amid hopes 


ground. Craven Cottage. Ei«- 

ner tax-cutting Budget Next with pnmerties. USM-quoted 

** jp For 


toe day « down j* «S toe ^ fortoer foil 

FT ordinary 0.6 off at 160L4 !« M<fre1B 3fy intonation al which 

With the exceptionof MLtfD declinedlO more making a two- 


cutting Budget Next ^ properties. usa-quo«~ 

figures scheduito for next Trust the subject of con- 

mucu irr — — __ U4a i, OF «♦ Tnureasy. added 11 at 319p Else- s jHerable call option activity of 
moved ahead to cl we 20 h^her at whefe ^ cooper advanced 23 to J a ® e rumours of a^possible 

718p amid talk that . 0 43Qp on hopes of a bid from be injection, attracted farther 

Steamship has placed its £^ base d Compaffue de JJ speculative buying and- 

in the company. Barrett D ewe *®P' Nav ioation Mtorte which recently 6 t one stage before 

— ■ -rtS SSSS-*— -irSK ™=i e D *S r on n T b .^ 


de 


sustained by toe trading results, to JJJ of 22 at 363p. Elsewhere 

shares garo back a few pence of tto Merchant banks, end- Account 

gains scored m thepasttwo Sfiuences left Hambros 3 lower a 
Bioos. tedustms 2^ and gaeinwort Benson 8 off at 


to 19UP, wniie •'ciKi - — :»■ 

due to report preluninary rKidte 
next Tuesday, gained 6 to 213p. 
Speculative activity left Jos*® 


liminary figures. whUe 1 revived j ^to CoartauJds losing 5 
speculative support lifted Ak^J: JgJJJjJ to 403p and Allied foiling 
Itay 2 to 26p and Time Praducts 10 . ^ lnve stment comment 

»a j kai rx ifihn Crowtber, 4 


^Renewed buying 0Il r ^ irth ^InJja i down 

^deration of the profits potenua <wi-n- earlier in the week. 


BcMm rati b torowwHite fnacs. Fhwiilfnnel 
12-nKmC) A9546Se pn. 

DOLLAR SPOT — FORWARD AGAINST THE DOLLAR 


maceutical sector died down, m rontinued* to” reflect this week's 
press and brokeragecomment on ^ annual results and the fact 

anri-Aids drug brought a dip in weu- » . h-lf not accompanied 


CURRENCY RATES 


Mar. fc 


Sterling 
U^-DoBar 
CamfUnS — 
AHtrtaaSdL. 

adgkoFncJ 

DanfchKnxw- 
Deotsche Made 

Neth. Guilder - 
Frencb Franc. - 
Italian Un — 
Japanese Yen . 
Norway Krone 


SwoBskKnm 
Swiss Franc.-. 
GKekDncb.- 


Bank 

nte 

% 

Spate! 

Dntea 

Rtets 

Esropw 

CWTBKJ 

Unit 



079847. 

0713022 

55 

1 5WTI 

113014 

02 

w 

150535 

4 

1632D4 

145955 r 

BL 

481178 

«.9679 

7 

8.73340 

7X0475 

3X 

25224 

2X7494 

4% 

2X2495 

234278 > 

9L 

7J350 

6.90516 

12 

1650.73 

1474X3 

2% 

19456 

173533 

B 

WA 

7X4035 


M 

145393 

ft 

« 

726906 

35 

#V . 

174889 

20% 

170150 

151902 


087055 

0777530 



U75M_S905 
1AWS-L4CT8 
£3310X3334 
2.0650-2. 0B00 
37^9-38 
UBSM-W* 
LB29D-LB415 
141-141% 
12&47-124J00 
1301-1306>j 
ATOttW, 
Urt&13 

6.4ZV-6-W, 

15215-153.70 

12£7VUL93 

L5415-L5515 


CUM 


L5895-1SW5 

1A515-1A525 

I332O-13330 

20745^0755 

3AOO-38JO 

6.91l»-6.92^ 

LB390-L8400 

141U-14112 

12865-12275 

1306V1307V 

fa.93V6.93V 
fa31V632»4 
bA 3M>-43% 
15335-153.45 
12.92h-12.93 
13495-13505 


One nwnlfc 


0.60057c pm 
0.9941.93c pn 
030013c dh 
036012c pro 
3-4c das 
300-350ore dli 
0394)35pt pm 
100150c db 
BO- 90c * 
2-5flrerik 
4.70520ore (fis 
0.7S-0JB8c dis 
270300 As 
0344)30y pm 
23O100WP pm 
O31-0-2fac pm 


15 3-1- 48c pm 
2802.70 pm 
0354140 db 
0.4847.43 pm 
10121* dis 
910960 db 
L08-L03 pm 
300400 dh 
230-250 dis 
7V15DIS 
145015. OOdk 

260230* 
7107.40 dh 
01300.75 pm 
550450 m 
0.92-087 pm 


jCSSuSTSW-MP 

of international WPP 011 ^to a speculative nse of 8Vi to phoenix Timber 13 dearer at 

Share* in Rower l 105VSP fallowing Press comment ^ on the preliminary erat | on of the prorns pownua. — miaWo earlier in the weex, 

producer, eased on the news mat whic j, resurrected takeover star- lts pro mpted a rally of a « Vodaphone operations *" ore 5° L® Z* P I nnouoced sharply 

farther nata t m h* ies. With the dividend season now ” to 278p in Heyweod WU- Ratal raUy 6 to 241p amung ‘ h ®i.tedanOTal profits. Demand 

issued to theUK Govermjtent- complete, clearing banks passed whUe Wiggins Group bar- to»P«J 1 herwige lac y us tre Slecfn- ,ncre * s n e p l® 1 ? ““ket raised Tom- 

The excitement another quiet session gJJ 2 to I70p on the success of & foadwT British Teiecum, 3»5 P and PantbercUa 

toe rights issue. Magnet and Senth- cw KhetfD ied to reveal but profit-taking 

eras, in contrast, ran mto emh ^^ uarter figures on Thurs- i more bac £ 9 to 231p. 

Account profit taking and gave up toftened a penny at 251 p, bro u 8“ s hed 5 to 145p. 

3 to 229p. while Peraimon, annu^ Jgj e aB d Wireless con- \S^tries foUowed the 

results due on Monday, settled 7 ^ nue( j rofieci receni adverse BAT • * -- -*•»*»» *"«* 

lower at 341 p. . 

In the Chemical sector, demand 
persisted for HaJsteaiTup? 
farther at 208p. but Amersh^ 
came on offer and dipped 10 to 


anti-Aids drug brought a dip in WeU- were not acC ompanied 

come shares. j hv the widely-rumoured £500m 

Beecham turned better at themd Jf us ^ghts issue and closed 5 up 
of the day as some ‘nv^ore Pj e se J“ QQ at s^p. 
switched from Glaxo. A report on Dewey warren, in which Sfr 
Beech am’s “b-migainedrug pre- Rob Jrt Holmes k Court’s Bell 
ject, intended for the British Fhar^ Grou p holds a sizeable stake, 
macological Society, leaked into mov ^g up 18 fo 223p. but end- 
the City. _ , Account selling left Mi net iz 

gaatchi & Saatehl suffered awne 246p and Hogg Robinson 

profit-taking after the nse prompted H 

this week by an excellent profits Allied-Lyons shot higher when 

statement recent demand increased to such 

Elsewhere, however pnee Ws ortion!i that it outstripped 
were modest and buyer* vmre J Marketmakers had no 
hovering around the mark^, albeit w J ^ to bid higher for stock 
often unwilling to buy stocky ^ the situation ended with the 


trend o otoer blue chips and 

comment with a fresh reaction ot4 frena w at 523p . 

to 345p. Elsewhere Bnrge» s J^®- e Trust farther improved 

da^r were reveal** by to ^ 0Q news ihat discussions 

comment and closed Zi higher at » of third paries are 

syrjs jskmS aith °“ eh no further 

]UlU|nu .. ... IWCIIIU. 


SS^dgid sector ope^n^ ^T^SSTn up at 405. 
. — - absorbed the stakeSmilding by Singa- 


vously as traders 


Well over 28m Bnrtou sharw 

changed bands yesterday amid 
conflicting stories regarding a 
possible DTI investigation into 

Se company’s successfaltakMver LTUD|Wk „ ow 

of Debenhams. The shares rec^ inting tradini 
up to 321p initially on amours J ecline 0 f 5 to a5p 
that the DTI bad announced t rose 4 to 341p, awaiting 

would definitely not be Wednesday’s preliminary “tete- 


comment nn the excellent re$ui«- 
Tdemetrix fell 5 to 55p Foito'-'iig 
news of the final dividend omis- 
sion and increased annual aefic it 
cSSibraek also refierted Jwr 
news with a 


vuuojj “» „.x.« vunaer s»»c-u““'^o -- . i„tn ihp hid. but later reacted hut nawker were on offer at 

^ ■ 1 . 1 rw»i»dDtCTiitini5aid#i«™«*!5MBivtptiitUS*»liaf aniiiwt I implications of.ifac. fTh^and pore businessman Mr OngBeng s harply following a news down 13, along with Vickers, 

fUKud teted arequrte din u s " rrwq.^ ^^tefraocs. Finaadai frtnt 3830-38.40. I ary signals earlier in s^ng was ruled out Fresh ^ report that the DTI o 1 ^eaper at 478p. Elsewnere. Tl 

«, tto MMtmi owe*. 8«w h | „!«, the woisenmg m the UK cur- gSLtom* sunnort lifted Bass ^ aC yfi nca ruLed out_ the ^ 652p. dt-wn 21. 


«CS/S0R nta for Mw. 5 i 1&365 


CURRENCY MOVEMENTS 


EURO-CURRENCY INTEREST RATES 


also toe worsening m tne uxv «u- institu ti ona i support Afted 
rent account , . . 25 to a record 953 p, while Wait- 

Prices soon tamed upwards but bread ,. A „ rose 6 to 334p on a 


conunuiufi, 

announcement is expected l m toe 
immediate fature. In January.the 
chairman stated that an involve- 
ment with a third party could, 
under certain circumstances, 

materially enl ’^ t ! the |ShSi 

SESSSim. 9S8p. both gained 10. 

S to 506P- the interim 
results are due Mondayweek. 

British 'Petroleum suffered toe 
same fate as other leaders and 




' Bte* 6 

Bank of 
EiGtand- 
Into . 

Uorgu 
(toanl r 
Changes* 


HB . - . 


UJR0dlte;t 
CntetaBOoSte — 

AustriJRSdiKaa- 

t - - 

.- •'704 “ 
138* 

.■ mis- • 

^■33 • 
-303 -■ 
+103 ' 
-43 -. 

DsishKront— — - 
DcucchcMwk — ~ 

. . «5 
• 147X , 
-1707: 

.+3.9 

+217 

+218 


134.9 

+143 


720 

-12* 


483 

+562 

I! 

2092 


r. a 


Ste fa s » . — ■ -rl 

. On-Ooflar ™ 
D.6uMw~. 
Sw.Franc— 
Dmodmartt 
Fr. Franc — 
teflon Uv- 
B-Fr.tniO, 
B.Fr.(CoO 

Yw— 

p. Krone — 
lstonS{SJnB> 


llVllV 

5J1-6A 

Wh 

5^5V 

Wh 

3V4 

7VA 

9-M 

7V7A 

7V7* 


Ih-z 


7 teas' 
notice 


uvns« 

fr*«n 

7-7U 

lWi. 

W 

Th-Vt 

7Vn 

7V7% 

4MA 

UVUk 

WA 


One 

Month 


10H-10B 

7i-7A 

5VS>a 

4VU« 

3V* 

rva 

vvum 

7A-7H 

Th-Th 

4V4H 

lDrJ2 

3k-Vt 


V 


Morgan 

maa-nioo. Bmk of EngUd Index iBase«frtge 
1975“ 100). 


■fow 

Moods 


JDVIOJe 

7A-7i 


311-4* 

8&-8A 

9V-10H 

74-7H 

Th-Th 

4W 

UV-DA 


Six 

Monac 


JO-lfll* 

Vi-7,’. 

54-5A 

3S-4A 

4-41g 

8>r«i 

91,-im, 

7A-7S 

Ih-Th 

4A-4U 

UWWi 

9&M 


the market’s attention was fixed on broter > s recommendation. Mer- 


the 350 pm deadline, when toe remained firm to cl ose the 

mnthnrities might have brought in a , ,, 1 ■ ■ I I Hi 


10-ltH* 

bW>* 

T**Th 

5A-5* 

3V» 



oT.n .u.eaUg.tma to ^ n S" c rm™»«Vnii.e Zuji 

3ose a volatile session 4 loweron and ^ planfie d sale of Shrihnoweve , Dutch 

- S= .dnm«t.c. D pl..ncj r..,.nd_clo* 2 


the day at 300p. HamsQueensway, 


CALLS 


8M4Pb 

9Vl«a 
7 A -711 
7VA 
4A-4>o 
nviMi 


Allied LyoB 
(*405) 







Tvn. 

MM Yu; otter*, two days' notice. 


British Gas 
1*80) 


OTHER CURR0KSK 


Mar. 6 

£ 1 

* 

Aigwten — 
Australia ^ 

Bradl— — 

24370-2-4475 

2J35(W3^ 

285200-282770 

7J770-75BW 

15350-15410 - 
•L4740-14730_ 
17.7170-17X060 
4517045190 

6iws« 

HongKocg— 

lran„ — 
Korea (Ste) ■ 

Knnit 

Luxendwm 
MabQfsM — 
N. Zealand- 
Saudi At.— 
Sinww*,- 
S-Af.(Ca) - 

S.AMFn) - 
Tartan- — 
UAl 

assn 

114X0* _ 

1348.40-lWLW 
04401M.44080 
6045-6055 
4X0504X110 
2X385^X485 
5^05X605 
1^0-3.4060 

tzass-MOW 

5.776J5-9935 

UB2O5X370 

7X020-7X050 

72.40* 

85160-ffi860 

OZ7720027740 

3000-3^10 

75220-2-5240 

17920-1T970 

3.7500-17510 

21415-22435 

2X725-2X770 

163653.7735 

34.90-35X0_ 

.9X725-35735 


650 

700 

750 

800 


155 
1 105 
63 
32 


Mar. 6 


0342 

4098 


LOSS 

0406 


0544 

6516 


1534 

0545 


DM 


2925 

1340 


3506 

UB7 


YEN 


24A0 

153.4 


83.42 

1000 . 


2502 

98.99 


FFr. 


9.730 

6020 


3326 

3958 


2948 

4582 


2465 

1550 


0543 

1030 


0.747 

1056 


3300 

2575 


3392 

1339 


207A 

1307. 


710.4 

8416. 


2136. 

8435 


629.7 

1000 . 


2015 

1333 


0.723 

8666 


2173 

05156 


0541 

1518 


750 

800 

850 


0 O. I Apr- 


47 


57 


24 


60 

a 

23% 

Z7 

70 

12 

16 

20 

80 

5% 

10% 

14 


178 

128 

85 

60 


152 

110 


92 

114 

127 

52 

87 

100 

28 

58 

75 


6030 

3855 


CnrauMi 

(•402) 


2058 

2485 


330 

360 

390 

420 


rm\ 


pit'll 




!*■ | 







6208 

2434 


Com- Unite 
1*322) 


280 

300 

330 

360 


40 

26 

12 

6 


49 


1833 

2901 


Cable A Win 
1*344) 


330 

350 

360 

390 


16 


G.E5. 

(*225) 


200 


42 

220 


29 

240 


20 


• Seltogntta- 


MONEY MARKETS 

Rates mostly steady 


460 

500 

550 


15.1. 

<•1353) 


13X1 

1400 

1450 

1500 


interest rates 


little 

«SS2*k-- 




Late Securities 
1*335) 


300 

330 

360 


at£3*l a *£h number of bidj 
considering the attractive^ nature 
holding paper yielding a 


of 


more resided jo^hoWi^toe^ 


rent inteest rate 
March 17- 


favourable return in comparison 
with the levels prevmhngafrer an 

expected cut in bas^rete^ Tog 


Total help came to £446m. 

The authorities’ determination 

to keep rates atthelr 5 urr *P t t J^S 

dealers were tended to percolate through to the 

weekly Treasury biU tender 

where the average rate or ma- to £79310 camp»«« 

count was tbe ?«neas tte top £339m fQr amountof 

*“ --a a* accepted rate at 9.ww pe , ry nr fh<* orevioaa week* Next 

The day’s rti“ doS from M .* fartbS?iOOm of bfils wfil 

s^ashad^P^gtTtoo STon offer, replacing a similar 


180 

48 

54 

200 

28 

36 

220 

13 

20 


StetlTwa. 

(*1144) 




150 


Km 

108 



80 

lil'tl 

Kjl 

ILJ 


TnWjrHwa 

1*335) 


260 

280 

300 

330 


TSB 

(*77) 


70 

80 

90 

100 


35 ST FT LONDON INTERBANK FIXING 


bid ^.^.J^mained steady ftff. 


‘-Sft’SSS- 


fa Bwrtte U5. Mb* 
j MdfaM I 0ti»6\ 

■ * wM^JHeeniti. of tte bM and 

iSasaSSBSSSSfett’esaai 


700 

730 

BOO 


30 


23 


45 

100 

120 

28 

75 

100 

18 

55 

80 

12 

40 

65 


61 

64 

fetl 

a 

36 


14 

24 

Ej 


July 


10 


w 


13 


75 


62 - 


- t 21 


53 


a 


52 


125 

170 


12 


a 


16 


1 

v» 

7V 


38 


a 

32 

48 


37 

SO 

66 


Zb 

9 

a 

39 


9 

12 

a 

41 


7 

17 

27 

54 


19 a 


50 

70 


9 

IB 

32 
17 

33 
60 



cni 

ini 

Ell 

CHI 

ESI 

9 

fadmess 

(*319) 

Z80 

300 

330 

360 

50 

40 

25 

10 

65 

58 

40 

a 

75 

65 

48 

4 

15 

30 

50 

IS 

23 

40 

53 

32 

43 

Laiferote 

(*431) 

360 

390 

420 

460 

75 

53 

35 

14 

85 

63 

47 

» 

57 

35 

3 

6 

a 

45 

6 

13 

25 

» 

28 

55 

LASMO 

(*201) 

140 

160 

180 

200 

I 

67 

47 

34 

22 

n 

28 

H 

4 

8 

14 

a 

15 

2d 

P. & 0. 
(•642) 

550 

600 

650 

98 

55 

a 

112 

72 

40 

87 

57 

4 

15 

35 

10 

to 

42 

33 

50 

Ratal 

(*241) 

200 

220 

240 

260 

46 

33 

19 

10 

56 

42 

34 

a 

50 

38 

31 

1% 

5 

14 

28 

10 

20 

32 

14 

24 

38 

R.T2. 

(•7291 

650 

700 

750 

800 

100 

62 

40 

to 

prm 

no 

90 

63 

8 

to 

50 

90 

U 

30 

57 

97 

u 

Vaal RHfs 
1*593) 

1 

27 

19 

11 

ft 

30*2 

2ft 

16 

10 

27% 

19 

12 

H 

B 

H 


102 

104 

106 

108 

110 

5ft 

3% 

* 

01! 

5ft 

4% 

J! 

!« 

2 

o* 

o% 

0% 

1% 

3 

1 

is 

2% 

— 


114 

116 

118 

120 

6A 

4% 

ft 

2% 

I 

I 

1 


m 


businesses. Speculative activity £mer at «ll^ Most oils 

revived in Uird Greup which rel- si igh y tume levels with 

lied 7 to3l9p. but YSEL. renernng setJoj shove aQ(J ultraro ar, 

“ ,e “ P 10 10 »8 h p, flnX.bo-ing onlym*te; 

nal losses. Among Overseas 
issues. International Petroleum 

ro S^n“Srftvouri & P.«- 

Foods pursued no set courae with w ™ Se ^dere gave 

gj'SfeS.s-B 


profiMaking, gave up 
Weodhouse and Ibim. due to 
report prebmmary figures next 
Tuesday, edged up 2 ftirtner to 
91p. 


Hillsdown, on Press 
improving 5 to 288p. Avana, on the 
other hand, lost 8 to 711p and 
Cadbu ry-Schweppes to 247p, 
the latter fallowing tbe requwt 
far a SE investigation. S. & W. 


Toner HLemsIey shed 2 to 

latter stiU on taU of a possible 

acquisition. 

Weakness in toe gold bullion 


g^ford gaveupd at 306p and ^"cTTeft the South Africa gold 
Park Food were lowered 12 to protiucer pnces unsupportwl. Wito 


80 

105 

135 

170 


95 
1120 
150 
I ISO 


Option 


Mar June 


Bw*wi 

(*5511 


3 

11 

25 


Boats 

(*324) 


420 

460 

500 

550 


55 

20 


145 

1105 

78 

45 


152 

115 


168 

132 

98 

72 


7 

14 

33 

65 


3* 


Ml 


Vt 


12*2 

61z 

Vt 


no 

75 

45 


15 

«h| 


1 

5 

14 

234 


130 


55 


r 

15 


3 

9 

19 


27 

40 

55 

80 


BTR 

(*338) 


3 

B 

12 

29 


Bine Clide 
(-71B) 


Pi 

6»2 

14 


3 

Tip 


De Beets 
(*$1085) 


20 

43 

70 


Dixons 

(*385) 


Stan 

(•1543) 


B,oa o & hJS^ 10 ^ per 

S- 


Mar. 6 

OwinW* 


3X0-3.90 


7J4-7H 


VJ% 




3.9CST5 

Milan — 

u%-u% 

630 

(tafaOfl 

13V14% 


One 


3.90-4X0 

7^-8 

3%4 

PrSh 

4X9375 

12VU% 

TVft 

14A-14A 


T»o 


Months 


390-4.00 

7VB 


14Vlfil 


Three 


Manila 


3.90-4X5 

7V8 

3V*3% 

5V5»z 

3.90625 

Wft 

TrTk 

WrlVH 


Six 


-Months 


Lombsitl 

IntemntiM 


4X0435 

B1V-8A 


13^13^ | - 


Srturinga^Sf^ber draining 
Treason. 

j530manda£fe ba^ 

tion of Q 80 * ”;-! balances 
hrraieM 


Mar- 6 


by Exchequer 


brou^ 

below 

S ^ ^ ^ to u 


Intefto 


The 

shortage 


AaliwrfWBon*--! 

S»ar- 
» ™ T 'S‘ SslW 

“f eligible bank rvitwcos-- 




S? 0 aftetP°° n ^ this tii° e baC $ bmhmoUi ^ 
^--fTnnce again.to> s “o m and ,^s 9± 


Over- 


12VKB* 


UVtih 


U*2 

UlpU 


UVU<2 


1ft 


Mate 


nvio% 

11-IQTr 

lovieu 

Wt 

ift 

uvu 
11 
1 ft 

KHt 
113,_ 
fajfr630 
6 V* 
7j&-7& 


Three 

Worths 


lOft-104 

-lOA-lft 

ID 5 * 

10 


10*. 

10,’* 

10 
. KPi 
630425 

Wr5ll 


Six 

Months 


1OA-J0 

10i-9fi 

10 

10% 


10»r9a 

10JI% 

9A-9% 

10 





Option T 

Mar 

Jane 

0a 

Mar 

Jane 

Oct 

Bass 

(*948) 

800 

850 

900 

950 

155 

105 

M 

23 

170 

125 

90 

so 

195 

150 

120 

80 

1 

2 

U 

30 

6 

13 

30 

55 

15 

27 

48 

65 

GKN 

(*337) 

280 

300 

3M 

360 

60 

40 

16 

3 

64 

45 

30 

14 

69 

S3 

35 

19 

1 

1% 

9 

26 

5 

9 

19 

35 

12 

24 

38 

Jagm- 

(*584) 

550 

600 

650 

33 

9 

2 

65 

38 

23 

83 

55 

37 

2 

24 

75 

23 

50 

82 

25 

55 

87 

Opties 


u*r 

AW 

Dec 

War 

Aag 


Barclays 

1*522) 

500 

550 

600 

37 

16 

8 

60 

30 

17 

72 

42 

to 

18 

47 

92 

23 

52 

92 

57 

97 

Midland Bk 

(•638) 

550 

600 

650 

700 

85 

48 

72 

10 

100 

67 

37 

20 

82 

55 

35 

10 

to 

47 

87 

18 

30 

52 

95 

38 

60 

100 


Hanson 

C173) 


Unto 

1*285) 


Sews 

1*141) 


Tesco 

(*477) 


Thorn EMI 
1*640) 


10% 

101* 


IDA 

10A 


6.40635 

6A-6& 

7JWi 


cwt; lhrt*^w»tes 9il per 

cr mil Treasury BiHfi Awrase tenter T&e 

5 SS3SS filS! 

I B% per cent trore March 6- 


S?Hb Ss* ?®BSS!53S 



OI 

ESI 

123 

P 

C3 

No* 

Brit Am 

1*665) 

550 

600 

650 

700 

a 


87 

65 

1% 

10 

28 

SB 

1 

45 

70 

’ BAT Inds 

(•525) 

900 

550 

600 

42 

22 

B 

60 

37 

19 


12 

40 

80 

IB 

45 

S3 

48 

85 

Brit Trie*** \ 
(*250) 

220 

240 

260 

37 

22 

n 

45 

30 

18 

54 

39 

26 


m 

a 

EadbWy Schweppes 
^(*247) 

220 

W 

260 

29 

a 

14 

44 

si- 

te 

41 

30 

1 26 

9 

» 

28 

li 


TnstiMK Forte 

(* 212 ) 


260 

280 

300 

330 


fafa 

46 

27 

8 


72 

52 

40 

21 


280 

300 

330 

360 


62 

42 

15 

5 


67 

50 

32 

17 


550 

600 

650 

700 

750 


170 
1 120 
70 
29 
5 


175 

'T 

52 

27 


900 
1 950 
1000 
10501 
11000 


197 

147 

IDS 


225 

195 

175 

145 

115 


300 

330 

360 

390 


BB 

58 

28 

8 


1 100 
72 
50 
30 


Sep I Mar 


Sep 


2 

5 

15 

30 


c 

9 

IB 

42 


2 

4 

12 

24 


3 

10 

17 

30 


0% 

1 

8 

30 


6 

IB 

37 


140 

95 

65 

40 


1 

1 

2 

12 

45 


2 

3 

10 

28 

55 


260 

230 

215 

200 

ISO 


4 

10 

25 


112 

84 

60 

42 


1350 

1400 

1450 

1500 

1550 

1600 

1650 


200 

150 

115 

75 

40 

25 

15 


245 

mo 

175 

140 

115 

90 

75 


290 

255 


225 

195 


170 

145 


120 


135 

150 

165 

180 


38 

23 

9% 

2 


42 

30 

18% 

10 


2W 

260 

280 

300 


46 

2b 

9% 


52 

3b 

22 

12 


130 

140 

160 


16 

10% 

4% 


390 

420 

460 

500 


93 

63 

23 

5 


1101 

73 

42 

25 


500 

550 

600 

650 


ll £ 

93 

43 

13 


160 
1 112 
72 
39 


180 

200 

220 


36 

17 

5 


1 

1 

2 

15 


25 
30 
. 50 
200 
liso 

p 

13 


45 

55 

70 

1200 

|lB0_ 

3 

7 


218p. Tale and Lyle slipped 9 to 

^*The call far fresh fand s of S®4m 
net via a rights issue initially 
upset Ladbroke, but analysts 
immediately revised their predic- 
tions far the group, toe shares 
then rebounded from 418p to ciose 
only 2 off on the day at 428p- 
Greenwell Montagu reckon toe 


neither the Continent nor toe US 
showing a presence in London, 
prices drifted down by 25p or so. 

Dealers said that most of the 
losses came in toe first couple o f 
hours of trading. Later, although 
prices shaded lower, three was 
very little pressure on the market. 
With little sign of buying from New 
York in late dealings, prices ended 


shares are very cheap and have at tbe day’s lows. 

Shares are y _ Among toe raajor names, Vad 

Beefs, and Buffetefontem suffered 


17 

30 


S* 

24 

15 


3 

4 
ID 
20 
45 

. B0 
1125 
0% 
0% 
2 

9% 


20 

35 

50 

65 

90 

120 

155 


1 

2 

b 

17 


1 

3 

6% 

_1J% 

4 
7 

14 

22 


43 

55 

70 

90 

110 

1145 

U£_ 

2 


14% 

5 

9 

17 

26 


14 

6*2 


3% 

i 1 


118 

90 

60 

32 


2 

2 

7 

30 


167 

120 

80 

50_ 

49 


0% 

1 

4 

20 


3 

6 

17 

33 

2 


5 

10 % 

22 % 

6 


upgraded their current year pro- 
fits forecast from £i23m to £15ftm. 
London Park jumped 61 to 761p 
following the agreed offer from 
Mount Charlotte, down at llip. 

Drug shares were featured by 
late demand for Beecham whicn 
advanced smartly to close 19 
higher at 563p amid ta’^ that one 
of its drugs currently being 
developed may come on stream 
earlier than expected. Ir. contrast. 
Glaxo fell ft to JWoft while Boots 
closed a Few Dence iower at 32 *d. 
Among the anti-Aids stocks. Well- 
come ran into profit-taking, but 
settled above the day's worst with 
a fall of 6 at 486 p, but London 
International managed a gain ot 7 
at 342p. after having neen iower at 
one stage. British Aerospace, a 
good market earlier in the week 
on the new aircraft orders, drifted 
hack on scattered profit-taking to 
close 8 lower at 6S5p. Saler. pre- 
I liminary figures due on Maren lh. 
moved up 16 to 288p. while Hodg- 
sons Holdings featured a rise 16 at 
200p on the proposal to raise £3m 
via a placing in order to fund 
farther acquisitions. Lep Group 
were favoured at I73p, up 14, but 
endyAccount offerings left Bank 
Organisation 15 lower at 661p. Still 
reflecting news that Bunzl had 
sold its 2.6 per cent stake in the 
company. Norcross fell 6 more to 
312p. Technology For Business 
gave up 7 to 103p 
TV issues, a good market earlier 
in the week, met with occasional 
profit-taking. Yorkshire dosing id 
cheaper at 268p and TVS 8‘ro down 
at 364 Vxp. Elsewhere in the Lei- 
sure sector, Stanley fell 10 to 290p- 
Currency Influences together 


only minor falls. Kinross and las- 
ILe, however, came in for a bout or 
weakness. 


Traded options 

Interest in Traded Options 
waned and yesterday's closmg 
total of 44.606 deals done - 35,605 
calls and 9.001 puts - was easdy 
the lowest of the week. However; 
British Gas remained popular with 
other 5.000 calls struck, while Han- 
son Trust were also active, recor- 
ding 4.22L calls and 1,238 puts. 

Traditional Options 


• First dealings 
March 2 

• Last dealings 
March 13 

• Last declaration 
June 11 

» For Settlement 
June 32 

For rote indications see end of 
Unit Truxt Service 
Call options were taken out in 
Premier Consolidated, Centreway 
Industries, W.H. Smit h_ A, 
Hampton Trust, Property Trust, 
Delta Gold, BBA. Martin Ford, 
Cambrian Venture, Talhex, Hollis, 
Datron, Bowden Group, Spang, 
Connells Estate Agents, SL 
Mod wen. Dares Estates. Chloride, 
Norfolk Capital. Blackwood Hedge, 
Hestair, Peek Holdings. Amstrad, 
Greenwich Resources. Polly Peck, 
Abaco. Ratal and Times Veneer. 
No puts were reported but double 
options were arranged in St. 
Mod wen, British Gas, Norfolk 
Capital and Greenwich Resources. 


12 

18 

43 


3 

10 

25 

45 


NEW HIGHS AND LOWS FOR 1S8S-S7 

NEWSPAPERS Cl>, PAPER (3), 
PROPERTY (8), SHIPPING (2). SHOES 
{11, TEXTILES C6), TRUSTS (27), OILS 
(7) OVERSEAS TRADERS (3), 
PLANTATIONS (1). MINES (7). 


3 

12 

21 


NEW HIGHS (213) 

BRITISH FUHDS (6), AMERICANS (2). 
CANADIANS (3). BANKS (1), 
BREWERS (9), BUILDINGS (21L 
CHEMICALS (7V STORES (12), 
ELECTRICALS (16), ENGINEERING 
(10), FOODS (6). HOTELS (1), 
INDUSTRIALS (34), INSURANCE (3), 
! LEISURE (8), MOTORS (3), 


NEW LOWS (2) 

ELECTRICALS (1) Datron I ml, 
INDUSTRIALS (1) Dwelt Group. 


Option 


FT-SE 

Intel 

1*1993) 


1575 

1700 

1750 

1800 

ISO 

1900 

1950 

2000 

12050 


Ms. 


330 

305 

255 

205 

158 

UO 

75 

45 

23 


Apr- 


350 

325 

278 

233 

190 

148 

112 

82 

52 


May 


250 

210 

170 

135 

98 

70 


Jun. 


155 

120 

95 


Mar. 


Apr- 

2 


May 


Jon. 


•Uitantjtes sKivto prica. 


holiday and travel advertising 

Is published on 


For details of Advertising Rates contact: 

Dslrdre Venables, Financial Times, Bracken House, 
10 Cannon SL, London, EC4P 4BY. 






and 

1 r'ismSB'IW TS nnsa=iH-cr w=i»rr i » us 


S' ' ^ Eli3i ISTB « 




m 1 so 


DM>K2 I 

tte — m 



±*ropmv rate* 0031 




jtm. 

■ S*m W»l. J». r _ rtetaurenj-. Com- 






















































































































































































ms 


_■_« 1 -* • - v , r .-. v . - 


LONDON STOCK EXCHANGE 


Financial Times Saturday March 7 19S7 


r- • 


DEALINGS 


Lockheed Coiwition fsi) £33.7612 FINANCIAL TRUSTS AMlo-Eaitem Plan axiom warrant* i«- Grants Pitcn Minins a* o » _ jrAWCt 

■■ s cJiSSSi ^3,. ..«» TRADW8 VOLUME IN MAJOR STOCK* 

lS?1SU5’^; SS-. *« 1 . fBrS asr 1 ^ «*. « «,« VoSm . nJTw V *T <**• 


PLANTATION ■ glSS a J,if£r3,^i‘A." , m S 

A nolo- Eastern Plantations Warrant* 10. Grants Patch Minins 34 5 7 
izi-ocLn IMS-99 £8 S Grrat Eastern Mines 17 ASD.430 

Chi Hi ngt on Corporation 74 (2/31. 9'iPtW GrccnbuMKS Tin 27 ^®; s Sf. # «S no 
Ifi.1i 100. 9pcLn 1999 £99 Group* Bruxelles Lambert «Fr 3*65.00 

DunlOP plantation* _.6?£Pt,i£?> 53 Mans Lung Development HK5I2-69 »»« 


last ESTIS. SM hETo" n 

" erm & relate to those securer not included In the FT Share information Ly „ , nd Lyon 1SD* 

__ 'crcalls ottitt-wtsa IndlcatMl denominations are .£5?* 5™re up™o ’l JO*pm’ my Holdings 1 DM IlOp) 38 _ 


1986-91 £750 


Hunter Resource* 580 61 
Hvsan Deidoament JO 1 *® 13,3) 


cAtpaonle Mali SA IFF, 00 (Hf» SwiS” oi? P 75 t2/3. „ MlSST/SHlta 

Trust rsont £270 SO tfMl. 70 127:21 IM'^gSwNL. 


Ord ASOJO CAS0.2U 


Stock 

AS0A-MF1 

A Wed Ly ots 

Amstrafl — — — - 
Asoc. BriL Foods - 

BAT- 

BET 

BOC 

BPB Inds — 

SPEC. 

BTR — • 


19*6 £25 i4;3) 


Leeds 1 3ijpc 2006 £127i; Boeing oa> .„ ;2 , 

Newaatle-Upon-Tymi 11 '.pe 2017 E.110U Bogoo-PeieP*" <10P> ( .y'£ 7 *2712} 

Nottingham 3 PC £20 <3.31 Boot iHenrYi 5on* W '£1 1 

Salford 5 'jX 1986-BB £94':* Boot* 7J 4 peLn 1 9B8 - 3 £“' . SB , 

Southwark 12>:PC 1987 £100 (3 3» b’"!? iT^i JH ' Hiflti 95 A 


Leeds 13IJPC 2006 £127<: 8V 
Newcastle-upon-Tyne 11'jpe 2017 £11 OU 
Nottingham 3 pc £20 <3.31 
Salford S'jpe 1986-88 £94':* 

Southwark 12 >:pc 1907 £100 (3 31 

UK PUBLIC BONDS 

Aori Mort Con 4'ipcDti 1961-91 £76. 
6 <4 PC DO 1992-94 £79®. ShKDb ,985- 
1990 £B7'2 1 3. 3). 7LpeDb 1991-95 

£88';. lOUpcDb 1992-95 £99 «* 3« 
Clyde Port 3 PC £25 13 3). *PC £52 i2 3) 
Grt Ouse Water S'apc 1986.88 £94>« 

Met * Water 3pcA 1963-2003 £42 t3 3». 

Port* London » 3ocA l'|£« £43. 

ScoWsh 19 A9r?°Sec 9 Cpn^ 14pcDh 1993 
£116li 


a(. £56 

Boeing iS5) *55*4 


Bra I me IT.F. & i m,OBa 
B?a°maII <C.D.‘ 1 SncLn. >993-03 £113* 

SS^OMW 9®KLn 1987-92 £83 9'- ^513^ Cr(jelb|e ^ ^ W ts to Wt. lor m'imw VmiwM Vm 

-sfe- 1 ; r ip^- 

Bristol Strd'umtSoi 223 <3'31 , 2 jj N O P Quadrant Intkontl. F 

British Airways 110 10 111 1 - 96® *2.aS6. *0.10 1 


M ^, OO i0”SLnl9«-|7£102 
KSTilff W S^iEoh^OB-BO £91.4 
M^ro 1 Bu'ine** Systems 6p<Ln 1997 
£83 3 (313) . 

SlF“3°r?«^« £ ”« «' 


Inti Stk Ex. of UK and Rep. of lr 7>.pcDb UTILITIES 

ImSct*' G?lt" B G?owth°Fd Pf tin)' £10.76 American inrormadon Techn Carp «1» 


Matsnrhlta EtmrlC industrial Y1800.M 
McCarthy Grp 9S* ■* 3) 


Mercury onshore Sterling Tst Shs of NPV Barton Trans pore iiaOp) 503 <31^ mU4ir M«iwili*33 

(UK Mi 126.9 1*131. (N.Am Fdi lloJ Bristol Channel Ship Repairer* nop) 7i Mount Carrington Ml-es SSJ-IM 

r27f2). [lapan F(T» 132.534. (Eurcs Fdl *4 c . - fitMitoi iRulOl Mount Miitln Gold Mines 35 ASP -3- 3 

107.86®. lp«:ific Fd) 119.8® Calcutta Elc* Supply Corp (Kndloi lltuioi Nartor»j Electronics cConsl S':® 5^ 7 

*HwSti 7" 5f.n Tro^Vo C75B EBEs'lsOjZI 2768 <27121 M.V^.Ie-Nededr.ndejr «F« 2.5)£2i «:• 

Murnv Ventures 88* 1 ntcrepmheloeBF 333A 1 92i 3/ 31 21.60 FI 70A* 70.6* 71 •;* FI 7? .15 

NMC invest 160® . Manchester Ship Can.i SocPI <£1J Net* Zealand Goldfielda N2a«.D (*<3) 

Nat West ICIJ Pf dpi 88 |2I31 90 _ . .« i 


a® 

Bhie Circle-. 

Boots— , rfiw(l 

BdL Airway* 1W£0 


1^— Ondaa Day's Vofanw CMnfl O^J 

'S» 5* 

7400 159 +7 La*fOl«— g 
*.*«» +19 UndSemMes — ; UWI » 

lS +1 Legalises.—— L W > gB +8 

571 345 -3 LloytfaBadt — . 3^9 5» +3 

Lififi 523 -13 Umrho — - WW ® —■ 

m a -2 MEP C - WOO m -| 

IWO 43 -9 MartsiSpw ZTO » . ^ . 

675 +4 MWandBank MW 639 *5 

2,300 111 -3 NaWestBwk WW «| 

5555 337>a ~h **»«>- S S ^ 

L200 5Z3 +1 P&O ; — — ' 5S 

SO 553 +25 PRJringMnBres— 260 7» -6 

2MW 562 +19 Pteoey— — M22 w 

718 +20 PnpfentM LMO 

900 324 -2 ' Racal 241 . +• 

rnoo 114 +2 RaritOn— 2L200 661 -M 


2000 £4*9 I2.'3) 


New bold and Burton 96* 


COMMONWEALTH GOVT. 

S Australian 3oc 1916 £29 <27 21 

FOREIGN 5T0CKS 
(Coupons payable in London) 


sS£1S'Ks !LT» fe^^CSTsSa 

Quadrant Intkontl. Fd *0.10 (Euro. Shsl E6 2 I3-S». 3.-.oeph £29 >* 127121 
*2.856- *0.10 fFar Eastern Sh*J us WEST. Inc *55'. 'SI3I 

E7B BBC® Far 5 East Pacific Fund pf (so.oi) UNLISTED SECURITIES MARKET 

„ „ r 1MC-3S& id 3a W f'0.011 S12J033 ZgS^XtJB&l (1 Op) 24 6 

W Save** Prosper* ^ '*0.01 *16.6 « JffiUK*. iSV * - 

fo , ft Smith* New Court 12PCU, CIOZU. C-^" ^*1 kT^ S,:me,,tS J B T ' 

£87® strata Invest. 7S . ... mntinental Mkrowave iHIdgi) 6.0 pc 


Mersey Doeta and 4 ®. • oceanic EonitY A5Z.94 (27 21 

3 '4 DC Ob 1979-89 £79 (2)31. 6^pcOj> w[ 370 aQO i-* ao t : 1 I. 

1994-97 BS® 700. 6NPCD6 1996-99 Rcsaurres 60 <3.3) 

£62 <3>s». %?|,* ,X7121 '■ Overseas Chinese Banking Coro 5510., 

US WEST. Inc S5S ■ «S/3) <4 3J 


Pan Australian Mining AS2.G43 (* 3> 
P.ncanadlan Petroleum £14 'b 
P ancontHnental Petroleum 7® 

PetersvWc SlelgSi 780 '27.21 
Philips Kommunikatlons TnduSI 
DM 987.0 


Cnnnan Street Investments 7.7ncPf 1994- picritv River Mining 31® 2® 33 AS0.777 


^?|2BS 2 007566 .099448 *34.07 United IgM+gd* .F 1 cW" S'.PcPf f^ Pf Z(> , 3 97-200 2 l£.l ^ Oo» Con> SS*.90 4.9^0 


POvey Corpn 16® 


i£1l 46. 7.5PCPI i£H 96 
...i.h Chiu Hides 6 i:PcPI '£1' 


Burton »» 

Cable & Wire 

Cadbury Sebwps— 

Coats Vhrefla. 

Comm. Urion 

Core. Grid. .. — — 

Corioofl 

Courtaukb 

Dee Conn - 

Dixons Gm — 5% 38S 

English CUna Clays. ^ 4Ji 

Fbons 

Sen- Accident 766 M7 


frit! Aero- X&O 6» -■ S^ APei ~T~ 

S2i“ ^«S iK i' r5S " 

KJ- HS i SKI ==“ 

IS 4 S £ssjs== «•■«: « 

iwB 2*7 — 5 1 * RylBflkof ScottawL g5 gL3 -1 

sUS 3 ;! IT US .2 . 

^ 841-2 SaatcH & SaakM 6U MO -15 

s a* =i aaas5-=:-.8 » 

3,400 2371a -+3*i Sears. 4,700 lfl .. -2 

^596 3© -1 Sedgwick — d %000 M9 -1 

ssa-ai^. ™ ® i^’T.-sss S ^ 

766 957 -2. Standard Chart—. 1JOO 765 +3 


1,400 336 43 

- 82 • £1B& -A 

2^000 473 - 

974 413 +2 

on 6W -1 

124 814 -10 

1,400.' 739 42 


5^00 322 +3 

920 841 -2 

291 566* -2 

352 403 -5 

3^00 237ia -+3«i 

596 3© -1 

758 416 -1 

1A» 626 —7 

766 957 -2 


Value Income Trent i4>: uu'. ° <Btrr g u “ IO n Group 12 pcP! 13 
Vanbrugh* Currency Fd A Pf OP) 177 (5o) t33® 


ERuttSSi &”»•?*«» S;« 

Bret oxygen Fin U'lK 1991 t>05 • 


Brown Bros SocLn 1987-92 £|1‘: 
Drown UotinJ S »BfiLn *.002 toi 


14/31. 9pcLn 1900-95 HV-S — 

Oceonks Grp 10>.PCPf 1993 ICII 46': INSURANCE 

oTi^iorg.) CFtwre, 3f| 9 i? t 7 i Z, £ 73 ‘:* 

Osborn. 'Sami 7J.ocDb 1933 90 ft commcrcla, Ur 


Welsh lndu« Invest (Sn) 140 'SHI 
Yule Catto 11*:pePf l£1> 1*5 (2. >21 


Gibb^ Mew 244 _ .» « < 5x0 

Goodti«ad Print Group 7pcPf 

GouM 1 Laurence) 1?°^ s ,„.„ A , 


Service Corp Int £1S'i® (5 "3) 

Singapore Land 197® i27 2 3 .... 

Sky Line Eapln INoy) 310* 34°« 3 5£J 
7® 420® 65® 57SO SB?':® 

CS12J4 p5B7 - 61 S 25 37ij 44 50 SO. 
E70: _ 


■St C&9« ” 'll'lPt 1991 £105 Bulgin -A F^ (5.1 32 4Q , Oliver tciorge) (Ftwr, 365 ,27i2) 

Cadbury Schwepoc* Bo*. 2000 SZOtra Bunzi <f ( L" 'i,,, J ’ Osborn iSami 7 J*ucDb 1993-98 fc 

Dixon* Gro 6i«BC 2002 £110® S!!^n 9 wts 1991 B5 73. 8««Ln 1998-2001 Owens-Illinois (S3.1ZS) S60 127121 

eg, «« Cf*d.t intnl 10PCNU 1990 Jurton W» £BS ® 8®. Bpc ^ lJ0 251 „3..® HUB 

HrilS* BWU.SOC JO'.pcLn 1«1 £101N Ln 1996,2001 £96 ,23) W K , 'oU S60 ««• 4 . 2pcW tfc - 


Alexander AJevander Service* lnc 1*11 


VcT n vSS!CS C emSnSMriM C.H. ind 7dcPI CE11 MM 4S , 

£Ui1U 10PC 80M M8.. .2 3) «Sf^D“?9 B 94Vo'- fc »3l 4| (3.3 

Investors In Industry Intel lOneNts 1993 1968-93 £9*1 tS.aJ 

iSri’&iV* 2007 £90 <31 31 ^XVd ODtP R , ob'4 1, l'lV‘« f*3 

luus Inds Sl-pc 2001 SI 36.39* ’-J’;™T" ,u :gq 3 .g 0 £70 (27.-1 

e si«la 20 li>.KDM 1989 CS114., Canadian Overs Pack Ind ComNpv 

Pearson Zero Co« »,« .•*%?» 2| Caoe^.nd^ . ^986-9^ M7 ^27 . ? 

KeWReaVTecs ill lnc Zero Cpn Carjmn i«d gff ( | 1) aT 1 {,.£««“ i£i • H 

c^lur 

aSnsSLKiVSi: SSiVwS 8SSSK 

*Si^l wbew *** Chamberlain Phipps Dot Ln 1983*36 £99. 

WWo^roW .ntn. Fin 8,pc 1990 Chann^Tunne^ Inv^So. 7^ iaga _ g 

Tr»| 9 ?gar House IOVpc 2006 £9B <2 3. ^75*. S^^fcpn^Sl ‘=13 (27.) 

CTTALING ISSUES BY Chloride Gip 6ocPI «£D 48 <4 -i 

oraiSEAS BORROWERS fig ^Ii°zi io” 

American Brand. 12..-pcLn 2009 £H5* CoamMlonS^PCLn MO. jO^ £49^4.3 

l , 0bBCLn 1lPC =009 a V 1 0 3"i clfc" Vlvella 4.9PCFI IE 1 ' 58 f4 3) 
Asian Dev BK tu mci. cohcn , A j NV A (20ni 605 (S,al 

4'* .. 7KO rani* S 5 is- mmhinM Fnalish Stores Grp 7JDcPf f£ 


Rftj rdffW. 4.2PCPI (£D 4B 
Paterson Zochonls tOotPI (AD >20 


Heavier ee Brewery 495 I27i2*. A L-Vot Smlthklinr Beckman Cora SI 07.51 *4 iJ.^S) 
47S <2/3i Sndnie Nationale Ell Aquitaine FFr 341 ** 

H»nes ton New <10o) <Fp'LA — 27/3/B7J 3 5 

72 3 4 5 _ _. sourer Perrier FFr 755 OS® FFr 755 0 

Hornbv Group <5o> 103 5 i I 9. square Gold A MirrfaiJ **? J53 (27.3) 


cfimffrol;' Uj'on Assur 5PCPI 1939/ nlirntre Group rsp> 103 5 3 8 9= 

G^Sfral AM S FI-e Life Asm Corp 7'a#cL» IrSe^StorajC Retrieval Systems iSO OD SB®teglc Minerals Cora AS1-59 (2/3) 


%>'« o>pcNt* ** l" 997 tWS'n* Butlins 6 1 pc 1 StDb 1982-87 £96 .2 3) “Scrtl” 1 4-^Pf (81) 48 aST,* " / , 

Hydro^Qucboc ^pcD^C* 5 09^ g C-D piliSon Zoehon'a IOpCR (£D °^™ d 7 B cU,19M-91 £90 

IcT FtoSSSw* 'Netherlands) Bi.-pc 1999 C H , od 7ocPI (E1 ) 203* Pavlhon Leisure (1_0p) 8S _ fi . ipe hri 6'«P eW lfc,, 70 

lSl 7 ClJm*lnd. 10PC 2003 £98 14 .2 3) ^“^^ 99 ^ 90 ^^ 4i (3.3). 'K^Sojlg? WO .31*1 . 10|,raeLn M01- , N VESTMENT TRUSTS 

investors In Industry Intnl lOneNts 1993 196 8-93 £9*1 IS.ai ?|bS| B ®’ 007 *ll 191. ^ S (27/2). )0)yK«l7 Alliance dt.pcPr £39': 41 •: t 

£101': '3 S' r.altvns IOpcPI '£1> V.' 4 v, 1 JPCLn ~ U U/ x <1 3 Anolo- American Sec* Corp_4': 


Pavilion Leisure Cl Op) 85 . Pearl Grp 6'aPcPf i£l* 70 

>'■ Pearson 5 pcL" __ r. £6o (3.37- kti 


19B7-199 2 £9°. 7i*peLn 1992-97 £84 11IM,M , yl , „ 13 

Guradian Roval BChanoe Assur 7 pcPI MijMrw Group (|P) p 1 'l*^. 

78. 7ncLn 1986-91 £90 pJTkinu (John) Meat* ■ 1 Od) 38 14 


Sun Hung Kal S0J75 

Sun Hung Kal Proocrtles TKS22.6 
Swire Peciftc 8 3t® i3i3) 

Sydney Oil B AS0.Z3) _ 


Perkin* (John) M«B ‘luol 5B *• Target Petroleum 32® 133) 

Prism Leisure Corp New <10p) iFp/lA Target Petroleum 1ASO.IS) 17 (3.3) 
26.3'87) 127 9 30 1 Terramar Resource* 30.' 4 ® 

Guano Group fSO.toj lab .. ALA Tereex Resource* 7 _ 

12)31 Sanders and Sli*-ra New iSn) (F'ALA Union Pacific Corp S72LQ (Z7i2> 

jpePI £40';* 7M 87) 142 (4/3) Valiant Con* 17 f4/3) 

44 (4/3) SigmcA Inwrnatloaal flOn) 75* Vcreeniglng Retractorees R'2.0 (4,3) 

, Swindon Private Hospital IL1I 130 (2.3) ^ E *D)n 6 7- 1 . AS3.)71 

Vrts 29 30 TSft Channel Is laps* T1Z village Main Reef 45 

»I3i. 4pcDta Tert-nology lw Business 7oePf l£ll mz vultton (Louli) FFr 1 taO.D 

016 £102ii 12 3) Vultan Mineral* 14* (3 3) 

SPECIAL UST Wattlif Gullv Gold Mines 8 

UvocDb 2011 _ IHE E7 a lit t~\ Westfield Minerals 120® f4 3) 

RULE 534 (4) (a;_ _ Wooltru 2350 R14ii 14.3) 


3,450 226 - 

llcte Investment ~ 1^ S -fea 

Cra rmifa 307 350 ~2 

tortSri — -• WOO m -4 

Gas "A" 125 £1% +1 

Guardian R-E _672 ©7 — 

GKN - 3^00 341 . +4 

Gutaness UflOO 323 +♦ 

HammenonProp— 336 475 — 

BSB=r*B 1 i 

iff *"""- ss a, % 

* -n 


S to reNxae— 

SunAiEance- 

TSB — ; 

Tarmac— . 

Tesco ; 

Thom EMI _ 


sm 309 
718 774 

3,900 771* 

531 . 542 
252 478 

9© 644 


Trafrigar Hobw- L500 335 -1 

Thoose Fort*_ — L300 02 -1 

Urigate— . 3JOO. » -3 

Uoitever— •. 297 £26^ -A 

Unted Biscuits WOO 2M -* 

Wettanne— ^ — 5300- 486 -6 

WW thread 'A' W - » -* 

WURs Faber 440 4» -4 

Wbohmrttr 138 777 -1 


LEADERS AND LAGGARDS 


Pnrtnr Chadburn 6ocPf l£H 53 <27/2) oVyron' ’ccr sol: 9 ° "PCPI £36 i B (2712J 

Krtand fiSld <«(L50) 7 <27121 71/oeLn 1993 £390,, 

pSSlmoutl. amJ Sunderland New* lO.Spe Edlnbu.gh Fin ^Tsi :2< 1- 


i % ■ / j-* . ■ tt woonru « 

Bargains marked in secninoes jat.. c 535 /j) 
where nfincilial UiS/liPt IS OUt- . 


Cenircwav Inds' 11 pen 3, J . pSSmouth and Sunderland New* TO.Spe EdlSbu.Qh F In Tit 21 I t side the UK and HepUDlIC OI 

a , ss),n Ts ih,v.r5UM.s 3 i. 1 . 3s? aw."i«p. *« ^ssse !«T i-® 1 ' ^'SL'SS 


where principal narket ■ J” 1 *' Applications granted for specific 
side the UK and Republic of { _ not llefArt 


C ba r ringing Ind Hidgs ,|«un 1988-93 
Charter ?» « 7 -« pffi 


bargains in securities not listed 
oh any exchange 

Abbev National Bldg Soc 9i'i*% Bds 


Chloride Gip 6ocPI (£U 48 <4.ui 
Clarke iT.1 OOP) *=> 

Clyde Blower* 210 

COJU Patons 4i0CLn 200-.-07 £49 14.3). 
6/ocLn 2002-0/ £6BJ. 7JpeLn 1990-95 

Cole' Vlvella 4.9ocPt l£1 ■ |8 <4 31 
Cohen (A > NV A <20 di 60S i C3.3J 
Combined English Stores Grp 7iocPI f£l> 


, E72l 20.4 £U3',« granted in London and Abbey National bwo sk si'ii 

rrui. .r, Eng 7/ipeLlt 1987-92 £72); Erg .| sh National Pld tf.1 ■ 215. DM 185 ** recorded IQ the OfiBclal 1'7'B7 599.598% (4/3) 

?2I31 FC EurolfWt Sl 4 pcL n 1996 £2 j 0 are not recomen in u “““ Adnam* a ten £16.40 16.50 (2/31 

Pres* Tool* UOpi 134® FC PacIHe Wrt* 108® 1 1® Lj_qt Airship Ind* (12>p: 29 30 1 2 5 

pfe*sac Hold 10-SpePi (£1) US (4/3) First Seoitiih American II.SocDh -016 k4l „._ u „ , S . 3J Alexander (Walter! flOP) 121 7 iVi 

^ „ C £111 U i 3I3> , Htd« A*7 077 Appleteon IlOp) 13 : (3:3) 

Q — R — ^ First Union General z , 5 ' *’ 0 - .£ 7,Zl f ™ Ki« 7M ■** l® AS1 732® Barbican (Ip. 2'j 3> 

. . „ launcIstMtoDb Fleming American SpcPf £4o (21,2) A S? i^j t v « 5 : AS1.512 i-SJB Boiron Home T5p) 58 61 -*3/3) 

Ouecna Moat Horas lO'*Kl*tMtgDD Far Eastern SocPI (£1 1 44 - 27 2- "70 I 2 3 ... 4 S. A51.S12 B fE1} a45 60 (3/31 

2020 *10214 3 1213). 12pcl«M«9vn Flenl i„ g Mercantile SJocPF '£1l 44 '2131 1-675 I.-? Channel Hetsls Prop* (lOpj 15S 60 

2013 £1161* ■*■ lOijPCCnvLn 1989 91 Oversea* SpcPf «f1» 46 U7.2J Allsrare Expln* 46 3.3) Chann-I Island Comm* (TV, 425 (4.1 

£397 (4/3) Fleming Unlvc.Sal SpePI ;£i) *7 (-7 -1 Amber GcFdASajgS Clba-Geigy 8pcLn 1961-94 <£1 

— e » Hldas wu 10 1213). 9pePf «1) Foreign Col 5 pc PI <C1) 45 (27/21. 4J.oe Amman Barrtck Resources corn (ndv. £350 „ b W3 , 

"y* y HW» ,987.90 £98®. 120C Db 1982-67 £96'i t27/2i. 5ocDb 19BS- . CrMU (10 pJ 71 ,4-3, 


Adrums B (£1 , £16.40 16.50 (2/31 
Airship Ind* (12-:p: 29 30 1 2 5 
Alexander (Walter) flOP) 121 7 (2/3) 
Appleteon ;iOp) 13': (3.'3) 


Ai^niia gi.pc.Ln 2012 £94 >» 5 5 combined English Store* Grp 7-»cPI f-l) Hldgs Wts 10 <2/3). BpePT 

£96® 15 * “ 8 *' 

%S3hB»*5 C 7 oSc P, ^n S9 .ntnt, 7jPcLn 1971-90 

0,5 C^iu-ds SPcZndPf f£T) 54.® /M && 

•S *■— Fin i3pcLn 2008 iffifisw w^/i'jSrifcaSi » 


Central Equip B f£1) 445 60 (3/31 
Channel Hrtsls Prop* (lOpj 15S 60 
Channel Island Comms (TVi 425 (4.3) 
Ciba-Geigy 8pcLn 1961-94 t£1C*» 


Denmark 

Eaton F 


£85 (srai. Kambro* Invest ope-upctra aoio fiimboo Gold Mines AS0.35 

f-.ssftl 90 SSF.'SS'a'M.^Tii" “• 

V4*33P iflW.'sarV/ss.ai'Siiii’ aa.-t.iMBas 


Peroeotage 


HMith Ml HtataM PradKt*. 

Pxfcagtngaol Paper 

Ehctnudcs— — — 

M etadi and Metal Fonahtf — 
Textiles— 

SUpftoganntaaMMrt 

Other Industrial Ka diak — 
ContractluB, CanatnctHH) — 

Consumer Group 

Capital Goads- — 

Puhfishtagnd Printing 

Industrial Group 

Mtdaudcri Di |lB *eri ng 

Stem—. — 

500 Share Index 

Letsoe 

■trims , . 

B uMn g Materiris — — - 


since December 31 1986 bawl M 
day. Mach 5 1987 


+29.22 Otter Groups : 

+2836 ’ AlMare Ind te —'—-7^ - 
+2622 tanmnce(Ca«|Mrita). 

+26% Cgagtomarate*—; 

+2689 Brewer* aadDWfflei*— 

+26M Gri^ Mines Index- 

+2668 Telephone Ketiiwfcs— 

+2883 Overseas Traden 

+2643 Oectncah—- 

+23J0 .OOsandGas — - 

+2353 FeedRetaflnii— 

+2825 Mining Flnanoe 

+2U6 taeestmnt Timt* 

+2208 iMwaneelUfe)- 

+23-67 Financial Grot*) — 

+2143 Merdnot Banks 

+2138 Property ; 

+2129 Imran Broken-—— 
+2858 Banks — 


Eur opein ,««• J«„ 9 ;o 04 £105': VVor1d 

.aa-'iisa/ysi a™ * ** > zzsss. w 

2 '» 2015 £122 2. 12 3] 

H^Hro. Quebec ^T9pcLn zora C vstaiate Hldgs 

ISDCLn Mil CIS*'* » 4 ^ >«•*» 9JPCLn 1999-21 


Trader* 7 pert \£1) 62 53. S-SpeLn 198S- 


Multi trust 55 


Canadian Lcrtcourt Mines 150 


4pcDb 199- £197® 
:.i iHtdgsi Sipcr-i (£ 


1990-94 £66 13/31. BHocLn 1991-95 Murray Income 4 .2SpcPf i£1) S3 27121 Cart ) iac Resuscitator Corn 15® 18 127,2) 

III II 21. . Murray Inti 3. 9PCPI '£1) 46 (413). 6 pc cnntral Norseman Gold AS 15.) 


£23- 1P.ru uri« 


C'Ystaiate Hldgs 81n r Ln 2003 £1690. 
9 jpcLn 1999-2000 £400 (33/ 

DKG 7JpcLn 1986.91 £901 


Sipcr-i (£1) 62 Ransomes Mini 5':pePI i£1) *7 (27/2) ob 1983-88 E95's 127/2) 

* Ratcliffs CGB) 8pc2ndPl (£li 60 New Darien Oil Wrts 4 14/3) 

2003 £1690. Read leu t Int 5*«pc2ndPI (£1j 50 <413). N(rw Tokyo Wrts 148 14/3) 

/xii "atipcLn 1988-93 £BS<< (3131 Northern Indosl Imprew i£T) 

J ’ Reckltt and Colman SpcPf C£1) 44 'a Northern Sec* 5 i^pcPI £50 

OS Redland 5pcPl i£1> *4 12712; Paribas French 107 9 

Reel and Fin Wts £4 74 <2/31 Plantation Tst 7>-PCLn 2000 

l Reed (Austin) 375 S 1 2/3) Raeburn Invest 5pCPf US • 


Northern Indust Imoro* i£1> 290 
Northern Sec* 5i:PcPf £50 (2 /j) 
Paribas French 107 9 ... 

Plantation Tst 7‘-ncLn 2000 £91 (2/3) 
Raeburn Invest SpcPf £44 <3/31 


Central Victorian Gold Ml-es AS0.231 
City Deve/opments 96® i£/3) 
Commodore Intnl 92S* 

Conex Aus: 6® 6 7 AS0.1S9 
Conic Irv BI-® l4i3) 

Cons Fvnln 24 0® (4/3) 

Cons Resources 2<: 

Coopcrvlslon Inc SIS.**® -4® (® 


e 2.45PTPI i£1) 30 <4 j 
6Jpc2ndDb 1990-95 
iJpcLn 1986-91 £90 

2002-07 £72 (S»i. ■ 


p-troloos Mexican OS — -r _ Qji™ G rp 4.Jpc1>tPI l£11 52 (2/3). W* 1 . ,r*« 155 .3(3) "n.’"""* 

rfr ,Re ° 0,1 9pcLn 2 ;:r;,i; * ** toiocDh arw’t-s ^ •?» 

DwnrlnrF QutbtC 1 ZUpcLn 2020 £ - DcwhurSC flQp) 40 £7R 13131 <>pciirlM(!S Tfit Of Scotia 

“ 7 - KtfSiffiSSsJl?.!® ISef ,1« # «' 3> #ro/ 8 .U? 3 Wrt. 40 f 


8pc-14pcDb 


Hard Rock Cafe tin) 171 4 (313) 

ICE Mp) 506 

Jennings Eros 195 

Kurrictc Leisure IlOp) 30 ij 2 

Le Riche* Stores (£1) 360 5 70 (4/3) 

Merritt (lOo 41 5 20 (4 ’3) 

Norton Vll'le-S Triumph (Ip) 6 ■: 

Rangers FC (£1) £12>< 13/3) 

Red Raise Radio A NV (TOP) SO C3/31 
S»oMrte 10S*c2w!Pf (El) 103ij 4H 127.2) 
Sh-oherd Neame A ifij 950 
T'ddale Imre (IQp) 13 (6’3) 

Thwartes IDanie') (*11 1 E30 40 f2 3J 
Utd Trading (Sa) 29 3 2 3 i27/2) 
w-syrablx A NV 23S 40 (2/31 
W ; --hmrra 7H 1 (4'3) 

RULE 535 f 3) 

T'-'MSngs for approved comnanfes 
engaged solely in mineral 
exploration 

Andaman Res (10p) 100 
Kenmare Oil Exploration (Ir25p) 24 S U 
Ncrth Wert EXDlarartcn (20o) 29 30 
(By permission of The Stock 
Exchange Councill 


RISES AIW> FALLS ON THE WEEK 

Yesterday OR - 

■ Vbo Frits Saw IBses Fate Sam 

| 5 I =1 *i 'jg 

rr^= ” 1 rill 

PtoWtteS Rf, 61 302 263 340 

« m 42 523 375 2© 

Totals 793 ~^r~TflSr~5jm6~3fl3b~5^ 


i£1 } 54 12712). 


SnSln iKInortcm on . V.n-, C ,.* “ Dl-Me f J ) (DrapForg) 47® 

^■VJ> L£ n i , A 1 i 1 .?.cV.7 l, .i4.u W.W, n— , .lun U.I *6. 

Trfnfdad Tobago .Republic on 12>4«Ln M 

£100 .413) EIS Grp 5pcPI (£1) 45 (2 31 

iintM Mmrtcan States *,?«, EMAP 165 B 

£1011* Mis" Do ,,l^, t 102 ' 1 ‘ Z SI i R f t Hiogs) IOpcPI (£1) 100 .2 
’ . JL _ Eastern Produce tnidgs) lOiPcLn 

RANKS DISCOUNTS 2002 £225 (27 21 

P rei.«Ln 95-97 £106 (4/3> Elliott (B.l 3.15PCPI (2000) f£1) 51 

Bank WriM »WU || |' £g 9 . bupc Elswlck BpcPI 1992-94 i£)i 49o | 
MIL J V" I. 4. 12pcLn Elvs (Wimbledon/ o»0 
2010 B ]fll5H h« >• ri/* 1, IBpcLn 2002- Empire Stores (Bradiordi 6SPcDb 1! 

B?HnM 14 Dix2m]Pf f£1i 103 English China Clays 7(pcOb 1987-9. 

5SS5°AluSr4 2Vc=ndPr <£11 S2 „ i+3). 7JpcLn 1993-98 £77J l 

SSSi«r®wi» > DM 10) £17^ I3’31, English Electric 7pcDb 1986-91 £9 

Commerapan^ JS—p, , E1 i 55 (Z7r2) Evodc Grp BocLn 2003-08 £iaa* 


99 £76 <3.31 Securities T« Of xouano 

Roalme S6.92®, 9J»* 64 - ® g3 t8 2 l3l3> 

SSS - 1K1 „ S'Tl.ffiJIiWffc*!.. S «r.«5 

T-sn « tS-cSST'S *»■ 


1997- 


HJ1. ijPCLn 1993-90 *.773 13 3) -.1, 1088-93 '231 

1431 l3?Hnf5c!!D L Ms3? , |?M 1 00 4 DM1000) ,JN>T TRUSTS. 


These Indices are the joint compilation of the Financial rimes, The Institute of Actuaries and the Faculty of Actuaries; 


& SUB-SECTION! 


of aodo per section 


sEsb r.w.JS?r“ w aLSrjss.^sff ii-? . 7 . « fi3 f en 

9 ® ’ : £ 1 0 6 ' ^ 02®^ |xtra JOsVA ^ 121^(2 3) kf I&FJSiSl £ ^ « 


Friday March 6 1987 

Ttar 

Math 

5 

Wtd 

Mairii 

4 

Tue 

Mad) 

3 

Yev 

■ago 

?i5PS£j 

fata 

No. 

Est Grass 
Eamto* Dhr. 
Dfl's YU!* Yield* 
Change (Max.) (ACT at 
* 29%) 

Est 

WE 

tetio 

(Net) 

dafi. 
1987 
to date 

Index 

No. 

tadn 

No. 

Index 

No. 

Index 

No. 


Hlflhs and Lows Index 


1986/87 


Stare - 
Coaptation 


£130 „ t„o» foil B2 FI1 Cr0 7 -7«R' 1995-99 <£11 215 7 l.pcLnl 992-97 £79 <3 3) M 4. G l"tn' lne Fund ln *“" 

latlonal Westminster Bank 7pcPf (£1 Farm ham 12.5pcPI <£1) lo3>P Soar^ Engineering Hldgs 8'*PCDb 198r-9- S1 3 ,7/3). Accum units 61 — 

3. BPCLn 1993 £98. 12ij0cLn 2004 Federated Housing 9!pcPf i£l) 110 <4 31 £B7':'4/31 __ .... M and G litnl me Fimd Inc un 


...w... ^vr. v*. 1 , sojn knginecnng — — 51.3 isui. uwm. ” 1. to , 

lerated Housing oiptPf <£l) 110 <4 31 £87>: "4/31 __ M and G Intnl me Fund Inc unit* 69 2. 

rantl 5.6pc1stPI t£ 1 . 69 (27 2) sidlaw Grp ?':PcLn 20D--08 E87 <4 V M Ae e um unit* 72.8 <4/3. 

“ISS". “ Mmlm 4i.,.n>b £36 IKr'aWJS ‘h15£'‘n~“io;. MINES-WSCEtLWSOUS 

i a „ V . “l* ! 52 «»•» “ V" .£,) 38 13 31. 6I.-PC Asareo lnc NPV £14 (3/3) 


£118'>i*®.., F S rT .i ^,, S-SPC’stPI !£>' 69 (27 2) 

Rea Bros B.eocPf fM> 11B 3 85pc3rdPI (£1) 49} <2:o. 

Royal Bank Scotland s.jrcFf <».i a Flrle SpUlncr5 Doublers 4pc1stOb £36 

13131. 1 1 PCPfltl ) 98 <4141 2002-07 E ,nla 7 (James' 4.2pc2ndPr (£1) 52 (27 2) 
Standard Chartered l-.PCLn Fjjons 6ipcDb 1934-89 £96. 5(pcLn 

£116): a 2004-09 E5BJ 

nnEU/EDICC Fogartv (30p) 192 (27 21 

BREWERlfca TL-ePf Cr » 'So) 48; 9 9 : 

Alllod-Lyons S'toePf <£JI SO®. 7^>crr Formlnsrer 1 1pcPI f£1, 
i£1i 68. SiapcDb B4-B9 £B1'- ra.3)- portnum & Mason 

Do 87-92 SS 1 0; „. 63 f PJ °? r n? "I M 5£8 3 7wPf S6 12 a) 

7ptDb 82-87 U6*i. 7 UpcDb 88^3 EH Fo^eco Min sec 4!pcPI 
t3..3i. lV/PcDb 2DD9 £1171*- 5W Fwman5 7|Jt0b mi 

Ln £42. 5»40cLn £53 >3/3). 7i.ocin Friendly Hotels SocPi 

8 t. B , 8 7nc 7 pi lP r e £S n . V: F “ ,Ura HUJDa 480 

SilpciVW 4 ® B7 ”pct 9 n ,>4 BzV7 G-J 


0 5S -T 7 JO 3J3 16.74 0.72 1042J4 1M4.W UB758 72953 1MM6 4/3/87 613J5 ZV1/86 1MM6 4/3/87 4U7 

\ ESXSZfim -HL 3 U8 3J9 2055 L72 1475ia M«.91 145548 1MM0 148034 60/87 91L08 22W/86 MM 6/3/87 7L4B 2/1^74 

a zS _ S5 5S SS L39 ZB22AI Z83927 284885 1860^ 2892.98 2W06 1SM1 2/1/B6 2M2.W 21/4/86 S4.7L Ztt/62 

J ^JS(S~Z S +0J 7% 225 17JH U3 196L53 LW747 201338 171733 201338 30/87 1365.94 2OT/86 204M5 130304 122SJJ1 80985 

1 JS 843 352 1535 0.76 48050 «3J2 482J3 385J6 483L02 40/87 3It63 Z3HM, 483JB 40/87 45A3 5/1/75 

l ESSSSSS" «52J2 lol MO 330 15J8 080 44932 448.96 44402 29538 45232 6/3/87 24L87 2A/86 45282 60/87 4985 6/1/75 

l SM 323 1333 iWO 33030 33431 33637 26839 33735 20/87 20630 14/1/86 33735 20/87 19.91 6/1/75 

’ SHa) 1^0 HU 637 3.72 1936 234 147866 1474.73 M6W2 122636 1474J3 40/87 99339 2U1/86 1474J3 40/87 27735. 1S1/81 

J! SS*K«S?ClS' SSS - tlS 239 2031 233 1183J1 L1«L23 LUEJA 858,70 U83JJ 50/87 73932 140/86 U»J1 50/87 6L41 1302^74 
a HHHRVW- TAJ® 335 109339 UB839 L09637 86631 1138.74 6/3/87 76425 140/86 111074 6/3/87 6937 1302/74 


Friendly Hotels SocPi 
Futura Hldgs 480 


Bass Fnr 7i«PCLn 9^ "97 £78 <4(51 


GEC-Etliott Auto 
91 13 3) 


Goddlngton 9J:ncLn 2000-05 *'55 . GKN (Utd K'doml 7Jt 

Buimer 9 0 l f, p ‘?' ,'V - ,1S 6 ‘ B, * oeZ^aP, £92 "t # u h (27 2). 10! 
CMriao.e&Prindllb 64-M £»1i? i '*7'2i. c^R D3 ®Hidg») TOiocJndPf 


|?^(iSbrf P> 4 a S0°ns Z 6JpcPf (£1) 79-: ^ Como 

•£3. Engineering (So) 34® Nw 'S&gWSAn* Aroa. (RD-50) 

T— U— V Trans- Natal Coal Coro MM. 90 


in Ijl 6JJ7 3.72 1936 234 M7G66 1474.73 M69J2 122636 1474J3 40/87 99339 210/86 147*73 40/87 27735. 15a «1 

SS*B?«0U?CW' SSS - 608 239 2031 233 1U3J1 11SL23 1U2J6 858.78 1U3J1 50/87 73932 14/1/86 U83J1 50/87 6131 1302/74 

S SS +13 7.70 302 1634 335 109339 UB039 109657 86631 U1A74 6 0/87 76425 140/86 111074 6/3/87 6937 1302/74 

S SSwSSiS)' ^51 -03 737 324 1737 130 88933 89535 89932 625.78 89932 30/87 54931 140/86 89932 30/87 5937 11020* 

5 52ESSq 6? SSi +0.9 539 259 2331 935 Z1242# a©3i, 216UO 185878 216L70 30/87 162933 210/86 216170 30/87 5425 110204 

S tS« 71 -JJ 432 132 2835 028 237935 2333^5 235UO 1462.M 248*82 250/87 U7531 m/86 248432 2S2/87 17538 280/80 

£ 636 333 20.74 8J9 D9721 12©}a6 119534 880.92 120036 40/87 73137 24/106 120036 40/87 5433 90/75 

S 60M1 -S 539 2.79 2235 038 607J4 60L53 60479 42932 607J4 50/87 36Z32 90/86 607J4 5/3/87 4336 60/75 

2 349730 -03 530 326 22.15 Ml 350638 351636 355350 216822 36©48 280 /B7 183446 90/86 368338 1M/87 5538 6/1/75 

S “**5155 —02. 631 237 2133 125 M&J5 101234 100326 80434 101U5 50/87 70779 230/86 M675 5/3/87 5233 6005 

34 Stores U/J ^rrz IT -TT7 cmn una fcTSRR tflK fcOT.74 701900 37530 14/1 /Rh Mn.74 70/7/R7 ȣ& linW74 


GrecnaR Whmey^apcW lED Bg •*. <*':« G £^.|"^ ,i | 3 ?"r seas C »>* ^°n» Sbpe 

Oh 67-92 £74*1 l2(3). 7kPcDb B7-9Z Ln 1985-93 £376* 

UH* (3131. 7ptLn £62': (2(3). Bkoe General instrument Corn (II) £isii 


TDK Caron <Y5» 1Z3 Y450 


lMNri9 Coal Coro rflO.SD, 90 
Western Deep Levels Opt to aub £15.9 


35 Textiles (17) 

40 OTHER GROUPS (88) 

41 Agencies 117)- - 

42 Chemicals (21) 

43 Conglomerates 03)— 


349730 -03 530 326 22.15 Ml 350638 351626 355330 ZU822 36©« 28/2/B7 1834J6 90/86 368348 1&2/87 55.88 6/1/75. 

1R1S34 —82 631 237 2L53 125 1016J5 101234 100326 80434 101625 5/3/87 70779 230/86 101625 5/3/87 52.63 60/75 

-03 776 3^2 1422 027 67633 68039 67838 48LB6 69374 20/2/87 37530 140/86 69374 20/2/87 6236 1102/7* 

WL91 -02 802 3.47 1527 L67 97829 978.99 98L13 82520 985.75 25/2/87 69626 2W/K 985.75 25C/B7 5833 60/75" 

14M38 -05 430 131 29.41 333 137329 136639 135328 06 137339 5/3/87 U1126 2/1/87 137109 5/3/87 111326 2/1/87 

lanjfl -09 7 91 331 15.e 225 1259.97 126953 I28L7I 94432 133521 TStilSI 72924 140/86 131521 25/2/87 7120 1/12/74 

imZ7 -02 074 336 1736 2J0^0334&278.99p26939 M 130134 5/3/87 111214 20/87 130334 5/3/87 111224 .2/1/87 


« MM37 +03 632 4w04 17.77 030^95822 195BJB 193939 159225 196837 6/3/87 131635 m/86 196837 6/3/87 90JO 2W6/62 

S SS££Staa> ‘ 97Z40 -03 932 3.96 1428 L09 [977^7 *04* 99835 99161 1050© 4/4/B6 71224 3/KV86 1050© 4/4/86 517.92 3001/84 

47 Telephone Networks v«J - i*is %nhwi6 1S2743 133344 978.91 134437 18/2/87 86626 9/1/86 134487 180/87 6039 6/7/75 


Mansfield <£1 . *00 _ _ B **(!;? a- 7 *®- lapc^n Conoco 7hPC Ln 19B7-B3 

ScoKish Newcastle S'idcPI «£1» 51 <Z(3K Glaxo Group 6-'<pcLn 1985-95 (50p) 38 *3/** .. leuc.on rgei-* ELF UK 12'<pe Ln 1991 I* 

7ncPf <£11 1Z9 6pc1»tDb 64-89 Givnwcd Intnl IO'jdcLo 1994.99 £95 Tecaiamlt B»«K2ndDb 19B5-90 MO".® 1 ,3(3) 

£BZ»«*. 6^Pcl«Db B5-90 £91 2 lZ7iZ». Gnome Photographic Products (10p) 140 hm If “wart a nts L Z7 9 g ? 30 2 3 Great Weatern Res Staj nf Nirer 

7Upc1stDb B9-94 £86*: . Goodwin IlOp) 42 TeHos Hld« warianu v Occidental Pet Corp Sirs <%D.20 


Seagram 12Ji<icDb 2012 £123'* -i 4 
Truman lOkpcDb 91-96 £98'i 
Vau* 7pcPf 1ST* 59 61 (4/31 
Watnev Mann Truman 3'<0CDb £35. ■ 


Grampian Hldgs 7p«Pf (£1) 62 <22/21 rTOoi 114 Texaco mini — 

3*11 S5 W3l." e 7opeS'lMl.& CM 06 " T ^ ml °S83^pi ,, !£l t i 0 7 7 '| 4 ' 7 2T.7«Pf 66* T^l-Cgmwgnle Franeris. D« Pet ■ Sh* 


Tesco 4pcLn 2006 £494 


Atlantis Intnl Shs of NPV 35 « 

ElSl.'S, Vt*™ Sif i! ■« " 
ara?w..if “Vi* mo., 
sbs^bns s- s “»|“To> 9 |=o,, 

Texaco Intnl Financial Corp 4Npc StlglS 


S 1 i2 1 S!^4es r a* 4 iR &ssa dTiffi rfifTtec ^nVffiU'l’cBV'Vz.sf 1 ^" DD '‘' 'SBrssnBr^ 

JJ-ji 7«-Db*8B-93 U5i,(. lOirocDb t3l. 8 .«DcLn 1 993-98 : ES5 Thorn EMI Warrants <53 P" «27/2). ppnpCOTY 

90-95 lS“ IZ'.PCDb 2008 £117.;. «■“ Western Ind (*1) £51.0*25 T'.PCLn 2004 OT S87>: <4 Si PROPER IT 

InrLn 90-95 £86 i4/3> ,79 ^ <2 ' 3> Tilling (Thomas 4-5Sorff 1511 53 <27 jn. Allied London Prop* Ibpe Pf i£)J 


(FFr 50 FFr 472 


12i“ foVs £86 = ^?3> b 200 “ £,17 ‘ : ' ,79S * «-3» Tl'lllM '(ThomaT "4 JBRff-f «”]; Allied London Prop* «ne Pf .£D »)» 

H sS(S,T“ r ‘ no CK,dB " 5 - 9SpeM £,j i ll ^ ,;, s«pf 1 ?£ B ?.- 94 4 £87 « ssr -r"* 6,u,e Dh 19B6 - 

!^i”*iaT* B S3”S6. , i» ir*^7SS?S i0d Cro5fteld ltl) 37 fc 1 ! “h? SS kji*K «*» » A ;|;?. *§£ «« do 1993 - 9 . £i<» 


"srtK. »L«Bf»«i) 48. T S2^.,Sr B5 , 9pe f zV £ V. f ii 


Db 91-96 £97*. TUPCLn 86-91 £87 
14/51. 7kpeLn 86-91 £87 <413.. Do 95- 
' gg £8Z<«. 7J*pcLn 96-2000 £81 1; <2 31. 
. iai;pcLn 2000-05 £99. SkPcLn £460 
Whitbread tnv 300 1 3 

COMMERCIAL, INDUSTRIAL 
A B 

AAH Hldgs 4.2ocPf l£1l 53. _ 


7i.pcDh 1987-92 £88li (3/3) 

Hep worth Ceramic Hldgs 7)<PcDb 1988- -tnwi 
1993 £86 <2/31 ISSl 

Herrburger Brooks 115 (2/3) y„ 

ln,nl BijpcLn 1989-93 £7Bb 20 < 
(313) ,t ; 

Higgs and Hill SocLn 1989-94 £84* Tram 

H 2?StS. Ao <DM50) £86.72 8.450U3 50 

DM252 Trek 

Hoechst Finance lOpcLn 1990 CIOlli Trim 


1985-90 £B5<) fZ'SV 7l*ocDh 1985-90 A»da Prop HldO* lOSiape let Db 2011 

^ , 7 rSM. £ ?-W 412 gS2SS£*& H <fiFm un 1991-9T 

iSl^9 7 £?r ,%■«£; BraVtord Prop Trust 1<W »•«!•» 

2000-05 £941;. lOltpcLn 2001-06 £B8>: Br | Ush Land i5oe let Db 1987 £1071; 


86 MlsceHaneoiis(24) _U©© _=H. -3^ jnwT(» 

40 IRH15TBtALfi8SQF(4Sy_ 1654© ^02 _7JH. _3M 1W7 _L« 1©^ 

WG^ oa)Z_r 170^82 -m3_w*^3a ujz jaumg© 
99 500SH«EIIIDEX»)® = . U0M7 _ = 0J _L« UJO 

f BS ggg: ££ ^177* 5^ 7J67 $$>%£ 

65 lnwrance(Life)(9) — — %*^8 -M — *22 — 

66 Insoranre (Composite) (7). 537 JA +04 — 4^2 — 0J0 S4.94 

70 oSer Financial (26) 436J3 jfjj, ,739 _3jl 1731 53^jg 

71 Inwstmert Trusts 972^ -0J. — JJO - SS 

ffl Minina Finance (2) 386.78 — 7.92 425 1425 8© 38658 


323 1325© 1327© U33.44 978.91 134487 iag/87 86626 9/1/86 134*87 lflg/87 68J9 6/7/75 

1.92 1056.92 1057© 1058J8 8MJ9 M58L18 3/3/87 69189 m/86 M58Ji 3/3/87 59© 13/12/74 

,918 1712© 1685© 1647© I10L76 1712© 5/3/87 IS93© 20/2/86 1712© 5/3/87 8723 29/5/62 

3JB miffl Ujj9© 118722 84119 1111© 5/3/87 72753 14/1 /B6 HU© 5/3/87 63^49' 13/12/74 
057 68032 68757 68651 57615 694©. IB/2/87 59750 m/86 694© 18/2/87 5528 13/12/7A 

059 737© 739.77 724.72 57520 76522 1812/87 517© 5/2/86 765© 18/2/87 62-4* 12/12/74 

050 96858 992A6 99626 899^9 996.76 3/3/87 76518 23/1/86 996.76 3/3/87 4458 2/1/75 

0J0 534.94 556.79 570.73 468.73 571© 2/3/87 48356 2/2/86 571© 2/3/87 43.96 13/12/74: 

L58 iTtmo US4J8 119685 1245© 131527 12/2/86 1119.12 30/12/86 131527 12/2/86 6 58 6 16/12/74 

Q© 37822 38159 38223 33622 39044 K>a/87 27736 24/1/86 390/44 16/1/87 3121 7/1/75'- 

0.75 873© 873.77 873J8 729© 882© S/2/87 635© 23Q/86 882.48 25/2/87 56© 20/4/65 

L47 435 A3 <35© 43333 328 -63 436© fa/3/87 ©755 24/1 /86 436© 6/3/6 7 3329 17/12/7* 

2JB 97353 97L76 967.66 7©86l 973© 5/3/87 63356 14/1/86 973© 5/3/87 7L12 13/12/74 

8© 38658 38331 37L49 275© 30.78 6/3/87 240© 2/1/86 386.78 6/3/87 66© 309/74 -■ 


SpcLn 1689-94 £84* Transport Devetapmant Grp 4JpeP t (£1) Brixton Estate 6pc 1st DJ. J? 7 / 1 

(DM50) £86.72 8.450803 50 .27:21 . ... B.SOpe Irt Dt i 2026 £95 «4- 

T reforest Silk Printer* 6 o c Pr f£11 54* 11.75 pc IK Db 2018 S112W0 

» lOpcLn 1990 CT01A< Trfnltv Inert HoWpu WO capital and Count lea 9*tpcLft 19ST-B6 


__ ail . — frtl 9 ML 71 _ /.HZ H^D mjaa VAN 2 VIMW dtbf-r® — — - Z. " 1 — - - ■ vrree wwiv VlaMIW W W * JWI/I T 

§ +IL2 9A5 5© 1324 M© 894.74 89LM TO© 667© TO© b 73/87 597 © 2/1/86 896 27 6/3/© 9737 6/1/75 

S' W©; ~M4 ~ 2J3 99525 995© 992© 763©| 995© 5/3/87 664© m/86 99S2S 5/3/87 ~6L92 13/12/74 

Index Day's Day's Day's Mvdi Mardi Math Mvdi Fri) Ymt 

Nn Hinnnf Hioh LOW 5 * 3 ^ ‘ 

■ I n,,.., — U^ l ^aiwLmilamalzwB.T l iiwa l iw ulimalisnalaiea sobtIbtiu ivi/Btlmza 5/3/87! m.i atom 


■S r 3ffi?&'fsarhSR,.. ’*53®’*"©* “.aa - 

s~Er',” ::r’, 


Ace Belmont Internat TOncPf (£1) 118 B 


Albion fZOp) 65 7 
Albright Wilson 7 


BpcDb 1987-92 £87 (3/3) s 8 P 6 :l,cPf 541 * 143 s 

AiS3ndire m Hld» A ' l5t5i 7 1R B'=b*Ln 2003-08 £195 

Allied Textile lOpcLn 1993 £2500 w,3) 

Amarl Sue PI I £11 107_8 9 | . %, 

-Ambor Day Hldgs 10'ipcPf 1999-2002 l~I — K 

■' 

Anglo ^Jordic* 11 h kUlf* 11?5pcPf «1l 111 ‘Vmo’' £92 i l. di rai3) TOia£,S 7HpeDb 198S - 
a 1 ,!?!;.-| I tSh <£?) B 9(?‘?3fI? S,J ** Imperial Chemkal Ind 5TmcLn 1994-2004 

^^IC 7 rH"g^Vsp 9 f 5^413) MS 6^: 7 7^Ln 1986-91 £93 

- Artcn iTSrKLn 7 1 S 9lo l: £?00 r 'iA , 1,spcLn 1981-96 £106 >. 

Armltage 'shanks 9 lOpcLn 1989-94 £94 Ij Iffliri 'p»W Storage and Supply (R0.25) 


12/D. 7.25pClStDb 1986-9) £ 
lO^PCDta 1991-96 ■'lOSi. (2 
Ln 1905-3000 f 90 <4 31 
Turner A Newall 10.1 PCDb 1990 
1 1><pcDb 1995-2000 £1061)® 


FIXED INTEREST 


IVEUEEUK _ 
RE8EMPTHM YIELDS 


UnKjit^~S.,pcOb 1983-88 £93. 7'.ocDb CoFman^^AleO ’ rovnata Bpc Ln 1991-96 
1986-91 £90’:. 6':OcLn 1991-96 £75 6. £78 t3J3i - c _ rm 

6‘:PcLn 1992-97 £7i f4;D Estates andAgency Hldas 1I.25PC 1st Do 

I — ] K “plTTlj 1 3 D - 1 1 e£pcS' ^991 - 20 0 E Flw Z Oata Inwata 7»c 2nd Pf i£i» S3 

IMF 7'tDcLn 1986-91 £BB(i (4131 7\pe u 6 2iu' 7l,peL " 1991 ‘ 006 Great* Portland E*ta 9Jpe i»t Db 2016 

L-ri 1 SB 9 3 C ST U <2131. BpcLn' 1985- Union International 6«Pf (£1) SI':*. £91 1» .7151 luu 

1990 £91 <27/21 7ocPf <£1l 60 2 <4 3l _ . . ...... Green Property (IrtO.25) IKO.W 

"wm 7W “° b 1MS - U ST ^ COrPn <0t Sl A Greyoat Group 12.«pc Ln 1990-92 

Imperial Chemkal In4 S-.nrl _ lau.nau Unm BKDb 1987-92 £88 <2'3I Hammerson Prop lnv and Devot W»rp ays 


Ararerr 6'aicPf <£1) 56 (21 D _ ___ 
Associated British Foods 5i:peL« 1917- 
2002 rsoo) 30 (2/31. 7>:PcLn 1987- 
2002 I50p) 37® _ .. 


SB (4/3) 

Intnl Bus Mach Cora (SI .25} £8B>- 3, 9 
Intnl Leisure Group 7A.pcPf (£1) 116'x 

Intnl Paint BUpCLn 1BBO-9S £81 ij 


- Associated Electncaf Inds 5J*peDb 1986-91 Jamesons Chocolates (lOp) 135 (2)3) 

£8 8 i 2)3) lOBO.Qi £82 Johnson and Firth Brown IIASocPf (£1> 

-Associated Leisure 7‘tfcLn 19B9-94 £82 up 23 (3/3). llpeLn 1993-98 £88 
? W l.t Johnson Mattbrv BpcPr (£1) 525. 8>;pc 

H|dW<5P) 21 ■» Db 1985-95 £87 (2131 

Audio iranrilOol 102 5 3/3> Johnston Group lOpePf (£11 129', 

' BPCLn 1990-95 SyfFw? {Hld9Sl 10, * eP, tC,] 117 

Automotive Products 9ocPf <£1* 

. 1 0.4ocDb 1996-2001 £99 100 (4(3l KalamarOO B’.-pcLn 1987 £96® 

Ayrshire Metal S3 4 4 5 Keep Trust 4.9pcPf (£1) 80 8 (27/2: 

' i„nh lonc.oa tag», 7itPCDb Kenning Motor Group 5*:PcPf (£11 47® 

■ICC 7^Db I0B5-9O £89>«- 7 •«“» Kingsley and Forester Group 3.85pcPf 

aJir’llLt .tVi S3 IZUpcLn £122', (£1 > 40 <27)2) 

BPB lndT?Ueoi J m l (4ID Kytrach (G. and G.) 225 

B.S.G. Intern* t 12WKLB 1993-9B S1W |_ M 

. BSR Internal 5>:PCLn 1985-90 £85 .3(3) L n 

. Babcock Internal 4®ePf l£l» 36 <Z7<4J Ladbroke Group BpcLn 1990-02 £88 9<Hi 
, Baker Internat H1« £9.6234 S15 <-43) (4 <3j 

. Bardsev Wrnt* 9 10 (3/31 Lalng (John) A 392 

Barker Dobson BJapcLn 1990-95 £70 (413) u|f J' BpcLn 1988-93 £80 (2(3) 

_ Barlows i£l I 42S 127/21 Lamont Hldgs 10gc3rd Pf (£1) 1 18 (213) 

Barr Wallace ! Arnold 290 Laporte indfHIdos) aoeDb 1993-98 £84 

Beazor iC.H.) (HldBS)Bi;peL n 2000 £183 Lc J coopp,. coup 7pcPr 59 (2/3) 

(^ Lew® aar jssw? &&& «. 

. BSBfS W? Sen (£11 «*. 7hOt Mff ,9.9.90 £88 

:BjMyU-> Lw*a/rtK» BijneLn 199* 97 Hfl (M» 

B'rmld Qua least 7‘:KVn 18B7-B* *' < w_ . ... J i.*5a,5^f(£1) 43ij C4/3) 


Ladbroke Group BpcLn 1990-02 MB 9Vi 
(4/3) 

Lalng (John) A 502 
Laird Group SpcLn 1988-93 £80 (2(3) 
Lamont Hldgs lOocJrd Pf (£1) 118 (2(3) 
Laporte ind fHIdos) aoeDb 1993-08 £84 
Lee Cooper Group 7pcPr 59 (2/ 3) 

Leigh Interests GpcPf (£1) US (4(3, 

Lewis <Johnl Partnership SpcPf (£1) 47. 

7lipcpf(£1) 63 75 (213) 

Lewis’s Inv Tst 6>;PCDb 1985-90 £88 
((3/3) ... 


£91* ’ 9K IK Dm 1996-2001 £95*. 

Uplan <C.I Sons 54 IQpc l*t Db J® tT9U U n?31 * 4'-PC 

Vantona Vtyella 4.55ocPf (CIJ. S8. S.6pe fI e io92.57 5 £11)< 3'- 

sMAvwLffff" •i5rr-" d T ~" 6ne M : t1J 
sssJtss h.^ (Viv J' 'rJ'zrtvsiJfir'ss L "’ prop ! u ;: 

Viking Pacfuglng Granv Cl Op) 177 liS on Shop prop Trust 0'<pc Ln 198# -97 

Volvo A 6 BsK25 £501. SO* SO'i ^CSAU Sfsi. 1 0pe lit Db 2026 £98 V 

W Y Z Jf{S 4pclltDB 1962-96 £90 <2'3). 

WB Induct rtOPi 10 (413). ItJpcPf <£1) £,.pe 1*t DB t9B4-B9.£8a l2IS). t0’<« 

WCRS Group SSDCPf MM 143M ^ 

W5L Hldgs (Sol 185 6 7 6 »»! Muck low iA. and J.) Group 7pc Pf <£» 

Walker Stair Hldgs (5p) 80 57 i4|J) __ 

Walker (Thomas) <5 p> 36, ... Peachev Property Corp SLpc lit do ,»B3- 

Warner Communications lnc (S1» J29.Z33 19Ba £9 4 12/31 „ ... 

. (2,3 > . ^ .a.. ,,,,, Peel Hldgs 1 ok PI rSOn) 61- 9H»e >« 

Warner-Lambert <31) £4 B(b <3131 Db 2013 £99 (■ . 

Waterford Glass Group HrCO-OS) 131 k property and Reversionary In** Sue Pf <£1 ) 

Wellman MOn) Pf (ID 1*? ... . ftMtliarth^^rrvcaat Bata 11 pc lit Db 

Western Motor Hldot A Ngn-Vu 160 3 "3ot 4 £i08’i» <3(3i _ . . 

Westland Group 40. 7':pePf (£1) 117 i#, Rtxan and Tompkins Group 7.5»e Pf i£l) 

Wrihaorth ^Ml Shell Textorial 7 ; iP<Ln £72 Metrooolltan Property lOMpfilri 


PRICE 

IHDICES 

|BfOU Camuearat 

1 5years 


(index-iiakad 


7 Over 5 years-....- 


lOlprcferucB— 


Fri 

Match 

6 

Day's 

change 

* 

Iter 

Mtetfa 

5 

xd ad), 
why 

xd ad). 
1987 
to dan 

12339 

+049 

12338 


17* 

142J.9 

+039 

14143 

— 

235 

158-41 

+036 

14937 

— 

240 

165.91 

+0© 

16437 


142 

230 

118.96 

-047 

11944 


043 

123-00 

+0-05 

120.94 

— 

048 

120.67 

+043 

12043 

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2 Coupors 15 years.. 

3 25 years... 

4 Medium 5 years- 

5 Coupors 15 years.. 


6 25 years 

2SS 7 High 5 yean 

2 M S Coupons 15 years 

! M 9 25 years 

ID Inetieemables -1 

y®. hntex-LMced 

U lnflaFn rale 5% 5yra. 
Mj 12 Inflafn rate 5% Over 5 yrs. 
ntM 13 inflafn rate 10% 5yn. 
14 Inflafn rate 10% OverSyrs. 

8-78 35 Debs A 5 yews.... 

1.01 “SE" 

_17 Z5 yeas.... 

0-54 181 Proferenc* — 1 


Fri 

March 

6 

Thur 

Mach 

5 

Year 

ago 

(K*mL) 

1986/87 

HWb | . low • ' . 

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833 

930 

1036 20/1/86 

737 18/4/86 

9JL1 

937 

945 

1047 20/11/86 

832 1&M/86 - - ' 

932 

938 

945 

1048 20/11/86 

833 18/4/86 

933 

937 

1032 

1149 14/1/86 

858 18/4/86 - 

9© 

936 

9© 

U33 20/11/86 

858 18/4/86 

9© 

936 

958 

10.79 2001/86 

858 1W4/86 

942 

946 

1045 

1247 20/1/86 

8,73 18/4/86 

946 

932 

9.98 

11© 20/11/86 

833 18/4/86 

949 

93S 

941 

1046 20/11/86 

8.73 18/4/86 . 

9J06 

933 

938 

10© 20/11/86 

838 18/4/86 

241 

233 

4J5 

538 14/1/86 

253 5/3/87 - 

339 

339 

340 

441 20/1/86 

336 13/5/86 . 

0.99 

049 

3.72 

433 14/1/86 

049 5/3/87 

343 

343 

345 

345 M/1/86 

349 195/86 . 

1033 

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9.72 8/7/86 

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1031 

1032 

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13-© 20/11/86 

949 17M/B6 

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1030 9/6/86 . 


* Opening Index 19935; 10 am 198912; 11 am 19685; Noon 1991.9; 1 pm 19915; 2 pm 199L0; 3 pm 199L4; 350 pm 1987.9; * pm 1995.7;. 




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Equity section or group 

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Telephone Networks 

Electronics ■ 

Other Industrial Materials- 
Health/ Household Products.. 
Other Groups 


Base date Base value 
31/12/86 1114.07 

yuum 1114.07 

30/11/84 ©7.92 

30/12/83 1646.65 

31/12/80 287.41 

30/12/77 261-77 

31/12/74 63.75 


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Overseas Traders - — 31/12/74 

Mechanical Engineering—.— 31/12/71 

Industrial Group 31/12/70 

Other Financial 31/12/70 

Food Manufacturing— 29/12/67 

Food Retailing 29/12/67 

Insurance Brokers 29/12/67 


Base date Base value 
31/12/74 100.00 


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10/04/62 

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31/12/77 

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r«e IMCrt (wgriocy tewa i 


NOTES 

s are in pecee unh® !? i 5 i: 2£5"yS£ 


Ks-ra-a . 

KSMSpl— 

NAV Nteth6 -I nfl81 


Tet 462384 


N VMmOiO— 1 +H° 7 ' — 

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Goat See Tst— 47^6“ • • *fS 

YexBnwhtS/12— --- tWDtte ajri 5» 

rojl 1 DIB 


Prices v.« -■ . 

— ifc^mmtfd S wiui iw gg*»r ■«— . — rrr 

Price oi certain older toanw«U^riDta» » 

fZmi gaiiK tax on sales, a Were* PJta* I"™®," 1 
Toiiar's Brices.* «*“ ttBSed " , "52£S; 
??Staied. a Today’s uoente once, b OMrtadoc 
h«e id UK uses. pPeriwUc PfWhre 
s Single prenAan atiarance. a Oftefed 
erpoSes exce pt xaen^ t torn te aVto; 1 
locbdes Ml expenses » “«5“ J*?*? &SS22d 
a Pwtote Oar's price. 1 p^TfJSS^iS^oSr 
« Yield before JW« act t******^!™ 
^atbUe to charitable bodies, a vi«M cohnao g ems 
gnnaBsed rates oi MAV Increase, xd ex dhridenL 


|U*L 


um nwi ° -v — 

Tei: 01-283 2515 

London AgenM Rat 
AMhGBtEdaetei 
AtaWMtta.3; 

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" = = BE^ 

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satrto— — 

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+002 

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Q52I4O330 

352,47991 
_...! 154 


33A nytna I»1W«W~ 


05 

05 


U 61b Incan* ftod-- - 

_ StAFabtaft" 11 - 

■ ijgs 



NM Income A Berth Fd 
2 M^-^r%.72 ■ 48061 - 

NM Schroder Flo Maori Inti LM 

Box 273 Si Peter Port. gamer .SETajS 

-Tiirtofr- .- j.1 — Ltd 

"S? 1005 +0043 

L«1 L543 +0011 

iSS t»4 40001 
J77 1077 -0®9 

!0M 2.W3 -00U 

TED.4CB 0965 +OM 
D.705 1012 -D038 

as “ 

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ssssassasi t^. 0 — - 
IKS^P 1 1 = 

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PoBfacb 16767, 0 30. 


TRADITIONAL OPTIONS 

3 -month call rates 

I ml ri itrMr 


M«s an March A New dateto March EL 

SCI/TECH SA 

2 Buuiemd Rbyal, LuBWbBirs - _ 

SCUTediMAV ' SI70S I 4010 — 

rtSSSSS 01-4^0156 

NAVSUfdrZ —11532 16091 ■•-■ — 

Save A Prosper Internatiotial 

PO Box 73, SI Hellif, Jersey 053473933 

saaBW^jw--,, 

5i Fried. — -- — . 

Etate Fra 
Eirtof 

Fjr Eastern — _ 

Global PortM I d Fdi— 

Uta PorttaHoFadS. 

GMd- 

nolGmeh — 

.. .— 

K- WrtCTP - 

■ 3SSteF5iCr“»»" 

ZSEns=*&' 

DtaSZZZZZZ 0^0 
— \ vuaSoD 


SSririT h9.tt 9.901 

^a^SS^Sereta Lratawv 

ffi, bewresre ^ 4 ta kujh 

Warhara Investment Management J«wy LM 

teSiamd St, St HeOer, Jersey]): I 

*»S*iau 7 -u» s 

Marc Ttadtoc Fe627 1 ™ : ’ K * 

MfiteTiteMarS- 
vine Mates. 



MtotogMatoy—te 

So* 

Usarttef^ 1 — ■ — — 

*2958 JU« 
GSJ3 

SS, - 1 S_ 



uniuirnuba 
__ SfrgZJS 

DtoteGtedP 

1*8236----, — 


Nat Wesbomsto Jew Fd. 

23f25 Broa) St, St Heller, Jeney . 0534 | 70 SS 

MFtodldKi) -Kf. .Sg 2S 

EwdiFdWD - feS 'ah's ' J 771 

«i!tf0oMFdUVi)._4«JJ ,53 - I J. 

—Cnp BMWari N MKrt 0211 . *^5 «* wii on* 

•5Z » •"! Ttat. **Stt *0 


- StoUto Deposit to67 


Schroder Mogt Services (Jersey) 
PO 80x195, « Heeer,Jew 
Stente Motof Fwdh.LU 

Stetimg 

US5 


190722 

344367 

59.4072 

573233 

399668 



Beecbam 

BbeOrde 

Boou — — 

BoaaUm. 

Brit Aerospace — 
BritTriecoin — 
Burton Ort — — 

Cadburys . 

Charter Cons 1 

Conn Union. 
CourtauUs — 

FNFC 

Gen Accident ]• 

Gknto 

Grand Met 1 

GU5'A' 

Guanflan 

GKN 

Hanson Tsl — . 

Hawker SM 

ICI. 


- Jagear 


EnDunFtod. 

0a»ato Fted— 
North tow Fd —— 

UMKdK^TtalFd 


LeAirahe IM 

Le^aiiSen.. 

Ln Service 

Uoyds Bank— .— 
i iitas l mb— ...— 
Marks &Soencer- 
RUNJtend Bk. 
Moraan Bremell ... 


wickers. 

[BritUM. — — 
hand Securities— 
iMEPC 


BOM , 

BritPetrokaon..-.' 

BurmahOll — 
Chatterlall — 

. Premier-. 

Shell... 

Trfcentrol 

Ultramar 

Mines 
Cm-sGoW 
Umin 


uUoTZinc 



^ , ra.V6%M®3 » ram* 1 ■ i— I , 

.... - ^nn - property rasse* *)jL-z&y 0031 


A selection of Options tiuM b ghm M the 
uodon Stack Exchus* Report Fuse. 








.p*-— M iHb' 






■"■■■FWFpnpipBM a > > b b Mbb bbbbs'bb b i.t.kss 


H8M7 
Mfih Lm 


BRITISH FUNDS 

.1 u IT M 

•Shorts" (Lives up to Five Yea 


YkM 

lot I RbL 


102*1487 
35WjJ* 85-87 
reas.l0pclW7 
has 3pc 1987_ 
reas. 12*1987. 
iTVscWBWBB 
102*'88_ 
reas94ffiCt'88 
ransport3peT8-88. 
nas.9i*c'88__ 
reasllijjiclW9 
ret 9i?pc Cut 1989 
«Js3pcl9B9-._ 
>035102*1989 
adulOpclW) 

E«H 11*1989. 

“ iSpcl98M9 
, lOVPEOrW 
reasDpel 
HpcH 
102*1 
.3*199 
&Vpe 1987-40# 
.10pcC(1990 
2b* 1990 
rwlUtfel' 

rs»fa*w 

10pcC»'91 
11*1991. 
re* 12 V* 1992ft 
92 fiTTreas 10*1992 


99fi 

Wjl-A 
loiy. +i 

Si 

100/,+i 

5s ~4 

103«+i 




AMERICANS— Cont 

Prtca + *rj m ! 

£ - Inn ICn 

aoJ-v gjfij- 
30 +v ara - 
33V+V SLiS- 


96Qj» J-14] 


lSVp-V 
l*3p ... 
703*i +51 

24b .. . 

253»ri-H 

221 J-V 

I7p 

78% +V 


fiF* 

37V -V 


29V -H 
2612- -V 


+a k .7 

-V HO.4 
+V SLO 
-V SL9 


35V -h 
28V -V 
»V* -S 
27W« 

18$ 
35V -V 

27V -J. 

lov -a 

73 -V 
37V- -A 
62 V* -1% 
27V -V 
177Vrf-5 

Z1R4 

55,', -A 


TO 


100 
393 

136 1U0,'. 


53 45 [Com. iiz*' 61 Aft. 49V* 

35V 20i J1 r«s- 3* '66 AH. 30 j* 

29V SAfawMisZV* 27,'.* 

299 23AITraa5.2i2* 1 27,%* 

Index-Linked 

(U 

328/3 1 USVjTreas- 2**88 (297i).| 128,%* 

112“ 99 | 00.2**90 1333.9)1 112V 

94-1 93!? Da2pe'92BQ854J.._J 94,’, 


ai . (21 


,V L74 2.77 

.... 248 3J7 

126A lOBVl Do. 2**96 (267.9) CStt'* 4 ! 3J9 152 

109,. 94V Do2Vpc"01 (3084). 109V* +V 3J3 307 

108 A 93V Da 2Vpc V3 (310.7). 107JJ +,‘, 130 354 

111V 96V Da 2* '06 (2741). 111/, 329 147 

106V 92 Do.2V*'09 (310.7) 186A 323 3.43 

Ilia 96V Do.2Vpc'U (29411, Ill,-, +,‘, 124 339 

93V Da ZVoc '13 (351.9), 93V 3J7 334 

101V 87’ OaZVge'lb <32201, 101,% 3J6 331 

100 85V Da2Vpt'20 (327 3). 99V 3J4 327 

84 12 77U Da 2V*'24ftt3853)-J 84 Al 309 322 

Projecthc real redemption raw on projected inflation * (1) 10% and 
<Z) 5%. (b) Figures in prontiraes show RPI base math hr Indexing, 
ie B months prior to tasoc. RPI far June 1986: 3852 and for January 
1987:3945. 


Sft Afl 

38&I-A I BUZ 

CANADIANS 

zzvpL 

17VkV -1 

isy-v S 2 . 00 I 

913p 1-9 72d 

19V1-V S2.40 

830p >9 lOel 
16V|+V 80d 

391p [+4 

iou-v sue 
ny+v 48c 

40 L 4% 

28%|+a 20 o 

551p >3 -I 
15p +3 
12vj+V 52c 
13 1-V 96c 

640p -3 
13 +V 6ft 


628p>3 
237p -7 
913p 1+44 


BANKS, HP & LEASING 

Stock I Pike M Ret I Purl 1 


I NT. BANK AND 
GOVT STERLING 


f. 

§ 


IMlpa lOVnctn 20091 

feissft r 

DallVDcaXJffl 
Oo 1113X201 4 M 
^_BUi 2010.1 
|0oll*iJi2012HQ 


0*SEAS 

ISSUES 

107U+1VI 1031 
104 +1V 936 
128V +1V UL48 
1UV+1V 1039 

18V* +IV 9.97 

ubv+iv m 

12BV+1V 1034 
99V+1V 934 

00V* 13.95 

91V Mi 117$ 


109V +1V 
U2 +1V 
129V +1V 
2U8V tlV 
102VklV 


1986/87 

Mgh Lev Stock Pike 

297 IBS lANZSAl 232 

•flBZb 039V ftlgewtir ni00__ £15« 
273 U5 kitted Irhk 238 

90 63 tabackerfHJlp— 86 

£29 894 Banco Central SA_~ £27) 
MOV 890 Banco dr BilwoSA £40; 
£29>j £10V Bant de Santander- £29 
260 171 Sanklretand lr£l — 220 

£14 600 Back Urn* £14 

285 220 ttletmilUlOa— 285* 
466 365 Bank Seated £1„. 465 

80 47 Bank of Wales 68 

589 433 B»tia»*£l S23 

91 32 Bencknark 20p 83 

700 410 SramShokya— 588 
146 91 BoSBussMortTst. — 101 

•422 268 Cam Alien El 358 

186 67 KtecarSnnibB^ 180 

£23, Q6V ConewrztkDiOO-. 08 
£28 £2OV^gn.Hbh.Krl0O.._ £25 
E308V £217V Deutsche Bk DM50— £2284 

179 91 Engtek Trust 179 

254^ 142 First Not Fw.lOp — 253 
135 1102 FWC63»cOl8*W_ 134 

4SVj 17V Fust PadTicHMg.-. 30 
•385 240 Gerrard&NauoiLit— . 337 
210 75 BoodeDantRtSo — 186 

U0V 66 SatmsPen 100 

315 162 HanbrnsZOp 245 

521 325 HWSaoml 465 

90ig 53 rK&9ng.HKS250. 80 


tL5L73 


465 1-3 tl32! - 


CORPORATION LOANS 


in 
101 

6VSC1940-9Z 1 87 

6 V* 1985-87 
13V* 2006 


oolSVpcInva 
LCCSfepeTC^. 
DabVpc tMQ 
Da 3*70 Aft. 

11 >2* 2007 


1263) 1052 
1036 1028 
1289 1081 
7.76 1015 
684 980 
1067 1032 


520 318 
196 136 
o42 376* 
527 295 
£15V 572 
428 2B0 


ft*(L»iQ 483 1237 - 

9& Steam 20o J 169 .... 8.7S - 

imoftBeraonL.I 605 -8 thlOOl — 

*»□. —J 560 +3 18.01 4> 

mp 55 J 592 [+20 J - 

iterylntl 1 363 -10 ItOOl — 


152 106 Do6ocACn»Prt_.J 132 -2 


673 420 MkO»d£l. 


27* 12.96 - 

98V ■— 536 9.75 
90 ...... 7SC 1030 


516 353 
320 203 
•640 436 
027 £79 
86 55 

156*3 102 


iCmfeUaJ 391 L&5> - 


COMMONWEALTH & AFRICAN LOANS 

4%| 79 bZ7Vpc 1988*2 1 MhL---l 8381 10.70 



LOANS 

BuMmg SoctetiM 
99V 


Da lOVnc 27.787 
OalOV* 17887 


E127 £79 Ittomt Bato £20 — £124 

8b 55 Rea Bras. Group __ 70 

156*j 102 Rutted® (JJHIdgs. 156*2 

80 35 Dn.Wanams 76 -V 

380 260 Royal Bk. of ScuttoA- 313 -1 

825 581 5ckredert£l 820 

725 581 Do.£lWV TOO 

£27% £20*, Set Padftc 510 E24VI-A 

895 «0 Standard CbamLElJ 765 +3 

102 72V TS8 — J 77V -‘a 

815 615 Union Drama.—] 780 1+7 


70 — Z0.4S - | 
I56*ri. t5JS 12 I 


100VL.. 

9E 

Public Board and InA. 

> kit 5*' 5989 1 87 j..„ 

Wtr.3oc’B' □ 42eL... 

Financial 

us |_.. 

105 .... 
89 L. 


IW 

< - rP BT ^ vTR ^ fiv^n 


1051 1L28 
932 10.99 

9.90 1086 
9.72 1085 
984 1060 
10J4 10.43 
1015 1073 

9.91 1026 
1031 1026 
1166 1043 

1048 
1148 10.46 
1106 1037 
3801 194 


5.7S 1U0 
7141 UU1 

10681 870 
1119) 980 
8Jd 980 
U37| M.40 
0581 11)39 
95fl 1015 
9861 1020 


Hire Purchase, Leasing, etc. 


702 36 Cattle's iHogsilOp 
172 123 Comb Lease Fhi 50 
040 £78% He 8 * 0 * Fr.100 _ 
34 17 Eq«ty6Gen5p— 

88 59 Lnn. Scot Hn. lOp 

65 40 NkMrgateMerc.10 


344 ( 258 Prof-finamaL. 
520 1 133 WMddKflerlR 


'slHogsJlOp- 70*+ij rifi! 19 : 

Lease Fin 50p. 170 . L13513.9 : 

ere Fr 100 — 015 -la 010%| - ; 

r&OenSp 32 +*j 0912 « 

ICK.Fin.10p— 88 +2 3J> 28 ' 

UtoMeialOp. 63 . . . »Ul 16 ! 

FtokhL 358 +6 138j 6 ! 

Chester I R20oJ 515 . .. . KBOjSy — I ; 


98 | 87 
161 150 
S92 1*92 


FOREIGN BONDS & RAILS 

Pike + erjn* % 

Stock £ - > Crtsx rwg 

CMnh4Vpc1S9B 23 «... - - 

Da 5*1912 ... 23 ...... - — 

Da 5*1913— 23 L... - - 

Da 3pc *25 Sneer 23 — 

EnNk7pcA& 46 330 

Oo.6K28SO.Aa. 45 .... 3 

Do 4* Mired Ah 47 2 

Hwig 'ZflAss 66 2.75 

Hydra Onebec 15* 20U- 137^ ujjo 

ketant6V*'8388 90 ..... 050 

Do.ltfcpcU.an6 129V 44V 1430 

Iret*d9fe’9t96 99*j ..... 9.75 

te»6%‘838&— — 98 - 

Pm As. 209 7 160 522 

ITeiht 9*1991— .... W L. 9 

AMERICANS 

I » I T Mil, 


CjMWdS5 — , 
. Express SlfaO- 
.MedkaHaLSl. 
reI.IT.H- 
kediSl 


405 252 
953 625 
*76*2 22 
145 87 

607 375 
171 57 

192 143 
760 410 

515 m 

236 128 
168 113 
431 245 
363 210 
234 16« 

126 100 
347 IBS 
444 2M 
U3 92 

032 006 

91 66 

158 138 
287 160 
375 310 
945 725 
127 77 

430 3U 
514 215 
247V U3 
593 3S0 
334 227 
309 277*i 

330 195 
295 UO 


BEERS, WINES & SPIRITS 

Albeo-uoa 405 1+19 f9 JS ZA 33 

Bast 953 1+25 173 3J2 25 

BHbaren 74*ahV 50^2.9 24 

8044041* 144 t+1 ti»25 32 

I Brown (Matthew) — 575 -2 148. 18 3.4 

Brewery— 144 7291 Lb 28 

UM merfHP.iSp — 192 +7 tS29!20 3.9 




CUkillautiew) .. 

DmmstitLA.) 5p_-j u» , e-i, tM j_r 
Do45ocJ>2ndPf_ 161 1-1 Q4fc4Um 28 

SteretlVne'A'a— 486 L.... 7JJ « 2.4 

*W*r,5re8iT.AELJ 363 +3 trt4.ll 50 Lb 

IreenallUMky 1234 +3 551 10 1 13 

Oa 5.95pcC«Pfa _ 126 +2 59«J - 1 6-7 

ireeretGng 341 l-l T56| 3J I 23 

ten ess 323 1+4 83 4 35 


Brewery] 684 


88) 3.4 22 
2.7)48 L7 


all Mutter 

5.95*»Pf£l_ 
■e King 


■W- 108 

■ U Q29V 

ts.20B_ 72 
DSa — 158 

n 198 

Bribes _] 373 


Matvton Thompson— 127 .... 
bMerrydown Wb« — 481 .... 

Itoted 511 -1 

Scntt.&New20p 247 +31 

Van Crura 588 +1 

VWunM'A' 334 +6 

Wab.aOoOey 309 +3 

VaengBrew’A'SOB. 329 .... 
OaNon.V.50*— J 295 L... 


BUILDING, TIMBER, 


87>2f 31*20 
12V710p 
35V 24 
822p 474o 
51V 34V 
■ 35 3A 
I 25V 25V 



CPC I rati. 25c 

CSX Carp UiSIOO- 


BSoep30u_ 
tarbirSLOO. 
Cora. 25c— 





231 -4 

«5jt 

358 +7 
50 -2 
100 +2 

152 

276 +2 
675 +4 
352 -3 
61 |-2 

S3 

190 +4 
203 +4 
296 -2 

95 1+1 

Otvj..... 
718+20 

292 

240 ..... 

96 

173 +3 

TO 

fire. J l 28 ' 


5.75% - 73 
08V% - (6.9 
LIE 2.4 43 
4jra 3J. 4 2 
039.7% ZJ 33 
334 23 13 
71731.912* 
t£24j 3 J 23 
lt53aU L9 
7132.9 1.9 
7788 23 48 
1ZS 23 38 
*7.812* 33 
n488| 3J6 2 2 
t7*28 11 
*7328 33 

ROADS 

S 1.9 4.7 
3J £7 
23 4.9 
28 9.4 
5J 06 


562U296 

2301124 


190 .... 
— 28 +1 
W — — 182 +6 
<Fj5p — —J 168 -3 

Grant 630 tfl 

attePrm— 561 +1 
(DJ20P— — J 213 


♦L7?L3 
717.0 25 
63SiU 
4*5.93123 


Inin IMM Site ow-t — - — 


\ z a 

V ^ 


BUILDING, TIMBER, 

1986*7 j 

Mob Law I Stock Price 

157 75 [Douglas (RobLM) 156 

33 wJtaffitaa&raraSp— 30V 

160 100 KBC50p 1*5 

143 63 Erittt 140 

162 100 BEte Construed*.-. 362 

215 <106 Fairhnar lOp 210 

175 I 77 pra.lmUOp 175 

126 54 Da.'A'IOp 120 


434 254 
208 156 
535 56 

258 171 


Site 518 

tent Craw — 231 

dea-StaartlOp... 89 
..OKU8308— £239V 
292 134 Hcywmt WUHams — 278 +1 

662 430 Higgs &HB— 66 Z +1 

86 29 HnwadShitlOp— 78 -1 

254 1Z7 IbaockJekwen 250 -2 

115 40 Vfatnl Amca Cpn — 54V -3 

568 270 terisO) 563 .... 

US 70 VJendngsA330 — 75 -1 

178 75 6 MMBKS ta. lft>— 158 .... 

065 £62 LafaxgeCca FIDO— 056 .... 

530 296 LategUnlm) 510 ... 

443 260 Latham (JJ £1 425 .... 

i 123 72 Lawrence (WJ 119 +3 

! 142 10S Do85pcCiwWPf£L 132 ... 

91 IB UBeylFJiJ 47 

140 93 SUa&CWewk-.. 138 .... 

232 145 LerelMY.JJ 231 +1 

524 304 HcAlpiM (Alfred)...- 522 +2 

■410 225 McCartkr&5lme20p- 408 -2 

160 105 frMcLugMin&H 152 -1 

- 319 128 Magnet 6 Saeftems.. 298 -4 

348 177 Magden(Hldg) 348 4-3 

146 101 Mar try 145V- 1 : 

233 160 Mareiafe Haifa* — 233 +2 

268 144 UamereUiWZIt- 260 +1 

365V 171 Meyer hd 347 -2 

53 23 Hfller(Stan) lOp— 53 +1 

154 109 Monk (A) 150 . ... 

449 308' Mowkmljl 426 

920 790 Newartfima 935 +1 

196 92 Newman-Tonks 195 ... 

392 160 KotteigtHBi Stick— 377 -Z 

349 112 Persimmon lOp 345 -3 

156 68 Phoenh Timber 256 +1 

410 285 Pochkis 390 .... 

238 90 PoiwraelOp 2 » -1 

824 442 RMC 814 -II 

96 21 Rate Into lOp— J 96V « 

148 85 Mama 140 

200 22 HtedstnrttTri— J 153 -3 

•500 332 Redted 473 . 

63 32 RowCmenlOn 61 

385 IBS RahenikL 380 -3 

223 134 Rugby P. Cement — 220 [-2 

231 151 SandeU Poklns 238 ... 

170 88 Sharpe A Fisher.—. 168 +2 

775 465 SMafltWm) 775 

106 70 Smart I J.) lOp 106 ... 

562 344 Tannx50p 542 +2 

337 52 May Homes 337 +2 

383 236 Tafiar Woodrow 381 -2 

246 132V rtetryGrrep J 242 -2 

XXI 163 rravH&AmaM 298 -Z 

102 72 Tieot HoMngs lOp— 101>l 

2S4 136 Turriff Corp 253 +4 

62 19 Tysons (ConlrJ lOp ._ 56 -2 

123 42 HHd Germ Deb 20p_ 107 u ... 


ROADS— Cent 

f«| lm 
- Nit CnlfiiVlnE 
— }EJ5| 27 1 10 23.4 
+V a4 2J!HB[33a 
■fbSJZ 15 5 h 10.1 
. . t3J 22. 3J 173 
p45 3 2 3.9 1L4 
-3 TL4.C 29 2.7 181 : 
„ 61.78 — L4 - ■ 
... *L78 - 21 - | 
+U t3J 3D 21 222 
-1 4LB 0.7 61 M 
-1 L4 5.4 192 

1J 3J3 3i9 119 

-5 5.91 43 20 1U 

+3 gSH 2J 3.4 156 

-5 532 

-7 7X L8 43 1£J 
+2 TL7 30 27 152 
+S 010% — HI — 
+1 TJ5 * 40 ♦ 
+12 tl3i 31 2.9 13.9 
-1 tdL4 LS 25 313 
-2 Mi 25 21 180 


~ DRAPERV A STORES — Cent 
vmaa ] 'I 1 + «| »» ' 

Bob Low f Stock I Price ! - I MM I Ctrl fir's I 
182 1 100 (TabetSBnowSp J 181 |+2 | 05(20122 
122 57 Turn? Prato 122 [+10 1 23 


190 133 TtoTnplOp— 166 -4 

•95 57 TapVahelndslOp— 83 f2 

245 157 UndennodslOp — 239 +3 Tl 

46 28 Unwn(£)’A’ 41 -4 

125 81 Hhher(Fn*)5p_ 119 +1 

374 £26V Ward White 340 t-2 

141V U»V DoCnfledPrilOp. 126 . -1 

101 51 WasaUaWJ 88 — . 

288 140 HfictaMb » -5. - 


CVlW-slWE ^ 
20 1 22(202 % 
22 21 200 M 


ENGINEERING— Continued 

m Lew I Stock Pita - W 1C 
190 40 bnttlfldHtris. — 170 L. — Lffll 
86V 8 «onte)Wmiap 16V tl - B-J - 

^ S& h j= ™ 3 


. Financial Times Saturday M arch 7 198T 

attuned I INDUSTRIALS - . . . 

■1*1 L™l_ I I’P'C-I mi iMctM"** 


w.M'B Ic+SIm fftl. - 

% 1 afiSSfc s 1 1 b s a a 

“ gj ,g & - igj v 


-3 i -■ 
33 L4 m 
- - * 


t7A 5.4 

114331 


5.7 10 
MU 30 
145 * 
SJ1/6.9 
7.B20 

t52 25 
T8J 2J 
3J5 L3 
t525 25 
5 X 42 
75.75 45 


141V 106 
101 51 

288 140 
201 138 
206 138 
112 67 

104 78 

920 438 
£194 ms 
220 IZ33 


435 185 
125 45 

106 34 

295 120 
32*2 18 
190 36)] 

443 200 
405 1B0 
100 43 

52 24 

128 60 
08*1 £19*, 


33 17 85 34 5 

02 42J - so S 
33 10 439 £ 


MS 1.9 53 142 nr 56 
F7J25 33 173 555 253 

6fl— 6.7 — 120 56 

L 3 Q .9 16 - U 6 58 
L2A42 LZ 285 «. « 


ramEng-lOp 

mikeTinISp— 

«»te*20p 

LMp-. 


83 

34* — 

35 — 
395 +5 
35V 


. , .. .... 1 Eng— — 

— 6-7 - 120 56 CastfcgslOp 218 

“ U - U6 58 □ratofti&.HID — 115 +2 

0 ? s« s ssaast s ** 

III 9- S 3S&c= £ :l 

55 JS2 720 380 MieaUUZOp 720 

22 M 182 157- 70 Cowu^clOpZZ 157 

— “f* — *249 50 tek(WmJ2flp 249 ..... 

37 2*114.9 136 22 teperfFWWp 156 +1 

84 4ZV iranitefinra 77 -1 

224 IS Crown Hoese CO *8 

Q07V 017 temare78l94 £287V — . 

+ « * MB 56 Davies & Met lOp— 60 -3 

* ** * 170 92 JwyCorp. — _ — 164M — 

£? 40 S ® 38 jSradMp— C il. 

bsb b 1 ? aaa=TE 

— _ “ 62 32 J€a0e 61 -1 

“ T ” 222 157 Etfere(KHp) 2 89 . — 

99 lTi “6 52 ElfloalBJ 90 — 

42 sf si 93 49 Hfclndnrer, 77 +12 

7 §5 * 82V 57 TrtKG-MJlSir — 70M — 

2 55 I 41 » =t*BHf»5p 40*2 -V 

A H 129 84. XlliM.20p i. Ill 

7 * ni 160 385 234 Mfa 341 H 

?i if «5» V* 60 teuaEBg.lOp — 119 — 

L7 40 15.41 m 1W aywedtoL- - 387 +1 

K U9 60 K**PnxMwt5p— 127 — 

23 H 183 292 132 fattEag.5ft> 2» 

r; ,r, 182 120 tail (Matthew)— 179 

Ti fl M* 275 175 Halite 50a— — - 262 -3 

H HSK 63% S HampsonEoto5p— 62V 

% a il “0 «5 Hawker Skkkky — 516 -13 

f-2 f 3 jji 460 220 Htt&(5raweD50p- 460 — 

^ H S? 129 65V M&Smtttr — 12B -1 

\\ SS 67 4 tttabsonjp 60 -1 

S 426 146 HnpkmsnsSOp 393 -3 

H ^ m m toMtefira* — wpt -v 


ogOELEreUp- 281 — 

IsnovSp 78 +2 

te raBNa rt lOp. 1M — 
hHrt«dgs50n„ 777 -1 
BV*Ln2000- 074 tl 
»efLatarUM138 tl 

ELECTRICALS 

Dedttec 427 J-5 

■ Lnfa5p 63 *3 

grnOratrlOp— 57 +3 

americ5p 293 4-3 

erEkaCnraSp- 31 -1 

trad5p 119 +1 

rdffgnpkiBSp. 442 — 
Warrants 485 

rot Coop 10p — 63 ■— 
MrkWHVSp- to — 

■ 20 p n ia : 

AAB.’Af £33 


£37% £SPt OoV £32% -V 

<63 205 Atlantic CmpatrlOp- 455 -5 

246 138 ABto'iedSec.Up — 231 

370 Z35 BICC50P 322 -1 

138 63 BSRIottlDp 125 +1 


-10 t!4.0| 3 l5 


■36% 10 
£16*1 £10 
179 118 
160 96 

679 375 
210 70 

182 75 

278 178 
*112 75 

19 11 

•266 105 
243 158 
150 62 

191 125 
61V 24 
394 277 
318 192 
240 83 

73V 37 


ctt&FmtMlO. 
It & Decker ttSO„ 

as=d 

sbTekcmn 

m-A‘5p— H 


SEGrara20p — 91 -1 
n. Woman lap. 198 +7 
PUCompom5p. 58 t4 
fcfiWrefewSSh*. 345 -4 


15 50 18.9 
22 2.9 182 
- E0 — 
3J 2*114.9 


10 13 223 
♦ 3l4 * 


- * - 
42 25 123 

- 00 525 
*2 2 4 
4 22 4 
90 07 153 
70 00 1*8 
L7 40 15.0 

- L9 - 
23 2J 287 

- 33 - 


110 

115 +2 
655 

Ml t4 
50 -2 
373 -2 

72 0 

157 

249 ..... 
356 tl 
77 -1 

co +a 


32V +V a« 23 2J 26.7 
02&-& 064 c - 33 - , _ , _ 

179 +2 13.4 3J 2-7 1*1 ^ KS 

110 — - e02c 10 L2 600 
678 t7X 40 13 212 


47 2.9 50 9.7 ^ 

tL5 4J U28JI ?£ 

173 23 42 133 „ 

F33 20 4.4 0831 JZ 

OJ 8J 0.9 18.9 ™ 


H MBK » nT 


tO 45 1 2-2 130 £05 Q4V 

0»L6 23 350) 292 2* 
L4523 50 llftb 597 1»4 
100120 30 140 *28+ 
lU) 25 40 12* 520 

23 30 23 155 u , 

151 2.7 18 133 473 

tM 35 30 W3 
35 2.9 4J 11$ 306 

165 U 35 1L9 34 Q 
U - U - »3 

70 20 57 90 
1101 M 21 - 38 

4i 25 40 iS2 £ 

M3 31 25 19.9 Qfl. 
rfU 20 10 540 ^ 

*— — — 7.9 +73 

79 13 53 2L9 gg 
3.TK — 10 - 
221 02 40 — SS 
m 30 43 91 s 
163 20 30 131 Jt 
t 8 £ 15 45 120 17^ 

73 33 33 80- ^ 

13 L9 0.7 (293) 
tUS 20 40 147 
73 12 32 233 
3X 2.9 4.7 (83) 

33 * 60 * 
fLO 41 20 160 
L4 23 « 9.4 
50S U 7.4 1M 
1126 21 50 UO 
33 30 41 8-9 
TkB.4 20 31 170 
20 31 20 17.9 
1037 20 41 14-7 
143 31 35 122 429 -265 

li3 1* 5.4 16,4 jbc 251 

bill 30 20 170 ^ 34 

M45 20 40 114 197 U2 

hl5i 33 40 92 fu. « 

47 20 42 115 ^ 

175 32 27 Hi m § 

305 23 61 73 *9 SO 


raABSk25 — 

LtSs: 



™ Ji' "S70(20 30 118 
gj R. . 6345 13115.4- 

178 1-2 ^*130 2$ Bff 

e4T J IwU 43 160 
tu tLd3.7 22 148 . 
« -9' 

mi -lfl Q9%l r fZJ — 
S tl5 1 bl 2 «i 53 ILi : 



tLa 4.9 11 263 

^64 13 163 
—| - - 34.7 
1M.79 31 L9 182 


BBn&FklblOp. 
tsASUpman — 

d Croup 

(Arttell2*ai_ 


td0.72 5-9 

1fL332 


240 83 SChedtpantEdrope- Z37 1-3 

73V 37 CHorldeGre 70 

298 113 Do.7VpcCmCnPf. 294 

6 2 VChaang's 3V -- 

5IV &V KfferlOp 47 l+T 

128 67 KircaprMlftt 123 -2 

218 111 Ko9oelatL5p 1 2U +2 

430 203 CmapSp 430 +5 

S3 31 Kkmntttt Hldgs. 5 p ■ 40 -1 

210 105 Hten.Micro»ntW„ 175 t5 

210 123 Control Tedr lte 180 

76 48 KranbraokBectSp. 55 -5 


290 7.4S L7 30 220 


123 42 

503 195 

125 99 Ward Group 5p 124 

549 246 WaniHldgs.lOp S3& 

113 58 Warrington (TtasJ- 111 

254 172 Watts Blake 252 

213 150 Waitary lOp 213 

175 67 WetteroBros 163 

•177 38 Wiggins Group 170 


310 157 
248 1120 


(CotMttyJ 310 


k-2 ttd20j 60 
1-2 ! 13.79 13 1 


51V 8 

128 67 

218 111 
430 203 
53 31 

210 105 
210 123 
7b 48 
358 259 
301 140 
72 42 

UO 115 

145 77 

79 49 

245 140 
90 42 

82 55 

135 75 

52 26 

420 262 
57 37 

483 345 
212 120 

146 101 

513 349 
166 93 


17^* +1V — — ! — I — 


:10p | 358 L — T3.9N3 l3 L5 27.9 


table Sp 300 -1 

ETectakwUp- 43 -2 
'GroapSo-.— 171 1+5 
Sec Warns 10p~ 144 -1 

i Elect- lOp 71b ..... 

tserrl«c5c— 185 -5 

iron lot 5p 42 -1 

dmnlMLSp — 67 +1 

mnusEiett 115 -15 

tent 'A' 10a— 35 -4 
<tnPridSd.5p. 415 — 
ting & M. lOp. — 56 ..... 
KkHldgs5p — 488 ..... 
«er5p 184 


rer 343 2BL LafedCroep 

it in ia? 85 41 Lee(Arttell2iai- 

H 120 61V Unread 

“ 73V BV UtgrtUFJHJ 

— - « 26 Ltxker (T) So 

— “ - 33 23 Da*A > 5|» 

— ~ “ 530 SOB MLHaUngs 

” | — — 119 65 USbrenilOp 

5.7 L 5 170 158 52 ftegs «» B « WI »_ 

tk ri 5t! 304 185 lletetale 

90 00 H 0 175 95 “ W * 5 * 

90 05 210 ujyi- 5fc Heakax5p 

r*. Ta lTd 1»9 69 MteteBSomlOp— 

?! »a! 211 1*2 W*» 

* I! * 40 20 fteepsend 

A ?1)7Q 243 138 MB (Jna) 

Su«i » 69 «ewageTrjro.5p. 

M M S? 366 222 Porter QreL20p— 

7 I r n 1P7 31V 12 IMM9D-. 


>8 

40 


170 30 2.7 13J «n 
305 20 bl 73 (fi In 
1505 20 3.4 133 ,57 74 

005 20 08 MS S 130 
305 2.9 30 107 22 290 

t 6 i 34 2* 120 .]« SS 
20 20 40 90 T 5 jL 
20 30 30 93 24 

3.T. L9 73 (8-7) S 

L3 LB 40 143 TT IT 
12 18 60 102 * 71 

1BJ 30 2J. 19J }* 

2£ 10 4J ISA » “ 
13lS 30 32 14 J 1W 1» 
m 19 50 133 ,70 S 

MLS 60 12 350 143 78 

b222 2.7 30 17 J ^ ® 

630* 23 32 19.9 » S 



1 1 ! 

• . 1 l-'W 


»ah 

Hnc.JO.Sl 

ratted] ID? 

KB6Aroslng5p- 

■aanSdnnzOp. 


248 -2 
130 *4 
250 t2 
562 +19 


297 S 
143 

353 +5 
193 +1 
103n 
578 t7 
346 

450 +5 
33 — 

325 ...- 
324 -2 

320 t4 

53 

351 tl 
226 ...- 
157 +2 
665 -B 
157 +2 
64 

326 +6 
396 -4 
452 -2 
169 tZ 

61 

133 -5 
33S +1 
81 -2 
145 tl 
1*2 -4 
148 -2 
62 

221 +1 
235 +2 


*732* uffin JSL k I oo.WteCrePfaJ ic 


50 30 2.4 142 
H — - 303 
1270110 18J 


*g«is* s B'ce^a ht 1 " 

S B UeSt 


H KBf SB B 


36V t2V OJ — a4. — 

241 70 20 40 112 

83+3 L3L5 * 60 * 

273 -2 121 33 10 340 

31*2+1*2 -m 90 13 (80) 

545 07.9% - 14 — 

201 -2 5£ 3J 30 12J 

22* «ut 2.7 3J 150 


1U 92 Do. 8*0 Pf 

105 56 Imktstria 

215' 135 9a&4KCnC 
57 32 EatterPadBc. 


»5p 

ngEledn>5o- 
'coagnlOp — 
Ms Horse IQ 


127 -3 
513 +3 


CHEMICALS, PLASTICS 


400 195 
289 UO 
647 290 
306 177 
26 V 10 
OOO £75 
255 105 
U13V £77 
180 100 
•186 108 
•85*2 461 
182 83 

345 246 
233 135 
192 111 
28Vr 15 
201 127 

179 100 

59 40 

276 15b 
£25* £15* 
171 114 
248 211 
122 107 
208 112 
1 £41V £26* 
548 333 
•am, 745 
G38VQDG 
119 67 

£143 727 
515 333 
137 98 

201 119 
365 123 
67 25 

£26 am 
£ 20 V ai* 

180 119 

56 28* 

153 62 

177 128 
£244 055* 
288 173 
330 215 
95 47 

83 36 

91 221; 

417 209 
311 177 
248 66 


22 8 
266 89 

73 42 

117 99 

28 14 

310 130 
"95 58 

240 161 
620 440 
US 60 
109 7B 
122 57 

208 UO 
£U*j 550 
•15 3 

136 90 

O2V390 

36 16 

76 39 

522 260 
270 115 
354 242 
515 165 
175 83 

143 3b 
235 125 
440 300 
599 428 
299 149 

159 117 
585 210 

29 20 
223 m 

99 68 

438 218V 
625 345 
84V 12 
101 73 

226 136 
274 188 
178 123 
143 38 

193 105 
250 106 
133 50 

220 183 
484 312 
240 130 

160 92 

145 78 

70 37 

86 SO 

152 90 

272 172 
<®Z 21V 
£17 1880 
£W 730 

108 58 
*389 186 

33 23 

55 28 

18b UK? 
26B 120 
125 74 

107 b8 
234 ill 

MV 24 
59 21 

438 138 

m 6« 

640 355 
£30*g EMV 
1% 123 
2Z7 107 

147 64 

384 285 

240 133 

109 94V 

680 440 
3X9 188 
366 310 
445 140 

63 9V 
121 53*3 

243 CD 
202 100 
143 68 

195 111 
200 136 

132 101 

56 30 

43 3« 

148V 104 
356 220 
263 155 
368 240 
UO 65 
100 76 

146 93 
3b0 259 

24 10V 

68 H 
525 412 
300 150 


AkzoFUO £411 

AKda Hotem 400 

Allied CoUtudslOp-. 276 

Amastenlidl 633 

AndnrCtHMal 306 

Astra HoMings 5p — 26 

BASF AG DM SO £87 

BTPlOp 104 

Bayer AG DM 50 £1011 

Btagdentato 175 

Brent Owns 10p — 186 
BrtL Benzol 10p__ 75 

Gaming (W.) 179 

CoalneGrora 335 

Coates Bros 233 

Datt'NV 191 

Cary (Horace) 5p 28* 

Crodatot-lOp 194 

Do.DeM.Up 174 

Wdrear Group 52 

ERsAErerad 276 

Eageteard U.SJLOOJ £25* 

Evade Group 17th 

ForearMiRsep 253 

fCamarfirinplOp., 119 

Halstead U.)10p 208 

Hercules Incd — £37* 

Hickson lot 50a 548 

lk>KksiDM5 878 

DaFinJOpcUaUt- £302* 
Holt Lloyd In Up— U? 

Imp. Own. £1- £33* 

Lreorte(nto5Qt— 502 
Leidt interests 5p_.. 130 

MattowgnTttiHlete- 192 

Moreau HUgs. 225 

Htoriey(R.H.)10p. 57 
Non Into VKr. 20. £24* 
PmtarpABD'SUO-i a« 
Piysu 177 

Ransom (WmJlOp- 48 
Reteook HMb._. J 153 

SentokillOp 176 

SchertegAGOMSO- E206 
Scot. Agric. India.. 252 
SniaBPDL1200 — 231 
tSpectraAmolOp.... 95 
SntdrffeSDeaknan... T9 
rhmgar Barden 10p_ 91 
Wattle Storeys 10p.. 417 
WofetenhohreRnk- 310 
hforksbire Chens. ._ J 238 


+V >033% * 

+20 460 28 

1-4 120 4.4 

-10 t7.0 28 


85 I 46 
62 42 

361 235 
£28Ua% 
375 250 
U1 1123 


62 l+EJeaQabProcg.f 


1452 3.4 7.7 ^ £ 1 ^ 

SV 8 T « " S 

A i?o 90 53 Rkfc 

3^74 MM 60 19 Beta 

JS Si 420 145 Bata 

dfid? al 198 115 Rota 

lfl H £37 £2a,SKF 

lll44 24 110 160 108 SPP 

“aS g 

13AJ 10 32 220 JS ^ 

“ «■ a “ 


8 4*) 

45 13 

140 65 

333 190 
IB Vt 


sfLeksJ — 
at West. Up. 
nCTlnsJ 


__ 146 
Up- 71Vf* 


. ... 130910 
-1 t73 17 

+2 14.6(2.9 

-1 IA# 2.9 

to.d - 

-1 7.S 10 


154 911; 

297 120 
74 51 

•92 24 

537 339 


1-1 218 23 

+1 165.9^23 
+V 72t - 

180 11 

-5 93*1 

-1 L267120 

+9 50(30 

-V QJLHlt — 

+□ 110320 
i-5 VQ2OW20 


nsonlUUSKM- CM 
ntbenn lm. 10a_ 365 
AKGroaplOp-- 126 


- - - 120 47 iFKIEbclOp-. 

LB 40 130 250 147 |FareeUEtec.5p 

L7 3.4 222 88 51 IfFeedbldclOp. 


U 80 119 
20 2.4 1252 
* 14 « 
3.4 L9 200 


93 29 SateWHL 

198 132 SpkabSan 
680 347 Stawkyin 
210 48 StoOKft&l 

535 310 rACElQp- 


reedbiritlOp 83 

erratmlOp 125 

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turn lOn — ... J 30 

finmpSa—j 54 Ul 

ntLerore US +2 

teWertlS^J 2*6 -2 
I Ernest) Up 1 IM -2 

UtbntlfcJ^l 94 l+l 

tCPNU* 1 228 |. ... 

Lte»Prte2Dp._l *9 UV 
LmaZkfi -3 50 -1 


LtetetttocSO0O_. 

UnydjCbenwB5p. 


4S6 +23 
745 +M 
515 +10 


Linyfe Cberaas5p_, 196 *4 

Mnte&Speacer 224 ~2 

MarmUUZOn 135 . ... 

MemsUJ 384 +« 

Muffler 4 Smkst. ft). 202 

Mss San 1 Op 182 .... 

Moss bras 2Bn 6b* 

NealDp 319 +U 

Wiser <C.) “A" 360 -5 

Owen & Ramon 5 p- 440 -5 
fffMMiaadLM5e. 53 +1 

JPemmilOB 111 \~2 

raPepefirreplOo— 2 » 1+2 

Preedy'AHred) U2 -5 

WraateteiltfeMP' « +3 

ftamr Tens. So 38 -V 

RanenWJp ZJ 3M -1 


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525(28 3.9 122 
38(28 3-1 160 
28 - 40 - 

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1O0 54 LB 227 
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1221 15 57 160 
64|10 04 009 
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L75 30 20 17.8 
♦465 U 40 270 
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13-4 20 20 240 
3* 23 38 139 
♦0^4.9 L5 19.4 
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5J5 5jb 12 318 
50 20 22 27.7 
19X L9 30 208 
IOC - 32 - 

rilOJ 62 0.9 210 
Ufl 32 18 224 
387184 30 - 
20 38 131 
L 79 28 65 (79) 
138(2* 10 40* 


1*5 57 SsraseuTecb 10o- 1*5 ._. 6120V2J 22 Z70 

133 73 tScammclOp 126 ..... InLtfil 30 1 18 Z1.9 

355 ZZ2y5arote.(GH' 355 +15 6110 2-2 1 44,142 

168 85 I95«arin Tm Systems . 1*8+5 -j - I — ‘ - 


260 167 IftawriltarUi 

105 50 »5raK<lnt] 

135 63 iSrtrotnlOt, 

ObV CUVjSemCo v®. 

6*V 30V|SMnd Dlffsb. 5p_ 
61 33 reSttednaa5D— 

141 42 Stv Comp. 100— 

216 US. (Stone lMf20p 

38V 17ljteS*tettii Eject ID 


CateUcZ 248 1-2 
Inti J 75 1+2 


93 48 

m 520 
9b 40 


iatresentChtitan) J 1*1 
:'SfiSK.CaierBig5pZJ 223 
For Saraatn see, UTS C 
totaHhlZtoZJ 123 
■Sbterhnd (E.TjZJ 78 
area LyWEl— Zj 733 
■arena fed. gSZJ 96 


285 175 
130 44 
340 173 

205 120 
525 285 


17UF5*tei* EJect 10p_ 38 
175 l+SynpseConpVSpJ 255 

44 prroem Dotgror, 92 

173 ISysimn RDdt>- 3®» 215 

OSUTWCmn V30 £141, 

105 l3TOSarCB«5|Z_J Ml 
120 reTeiecpnonthgUip. 177 


130 ZJ 30 14.9 52 • SS 

L305 21 40 12.4 **L 

£75 4J L2 250 
150 10 4J 290 Si ^ 
tl3i 8.9 08 19 J . 3 2. 

70 ♦ 43 4 -m* m 

fLS L4. 4S 2&0 % S 

aD Z4 38 14-7 £ S 

RU 20 20 205 iS 

B40£ 32 20 170 £rp % 

142 2.9 2J 177 ^ S 

681 2.4 2.9 190 iS 

ISO! 24 30 14 2 120 

IS! 317 10 23J a 

132! 2J 28 270 ™ « 

4320.40 150 £} jg 


275 173 HamstnuzOp 270 +3 

66 36 KartanSp : 63 -1 

13* UO 0a7pcPf£l 131 -5 

266 203 HModrEattelfe. 263 +2 

148V 91 KaakyCrmpSOiOl- 345V -I'j 

<08 315 OaCnirRedW 41I ~2 

575 325 KawtalWtdttag5p~. 575 +5 

2JV 12Vtowt«*5p_ 154, «, 

202 80 H*y(WonnarilOp„ 1» 

73 26 Weaftb Care Serps.. 72 . 

69 44 BtaraMp___ 69 __ 


330. -2 blX75 L7 58 238 
88 ...... 288(10 40 3L6 

395 ' 7.0(20 20 240 

282 . 15 14 10 30 J 

143 — IM 2.9 33 IZ3 

054 -A - M0 32 p 27.4. 

239 — R5J 20 3J 170 

224 +1- tMX 26 20 170 

350-2 .852 20 3.4 16.4 

n -2 12J 30 42 100 

191 . tl 852 22 38 160 

2» '2 ‘13.4 30 23 198 

192 a5J 22 39 123' 

CO R2J712.7 23 188 
2M --J tU}5.7 09(270 
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042 -V 010* 62 f7J — 

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270 fF71 ZB Z9 27.4 


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gnL9 28 218 
75U- 70 — : 
HJB2J 2J 243 
MM. 21 143 
1 *^ — 88 - . 
r«4J 17 170 
ti» 4 3.4 ♦ 
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L7S3A 15 2&i 
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HOTELS AND CATERERS 

S (.—I- L22IJ 


120 38 ^tereetrotSp.. 

252 170 tTtir Remab__ 


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454 .... 011% *1581* 

65-5 #0 - I 1 l - 

232 -1 170 L7 | +7 1*6 

271 +1 ♦*40' ♦ 2J « 


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6*9 377 Thorn EMI *M «I7J 10 30 EZ® 

171 86V DnJbcCatPf.gSMP). 168 -2 h 59 - 

275 173 nam(FWJUp_ 275 40 60 Z4 100 

380 1C ratetaCanai Y5C_ 261 -3 Q14* 3J LI 280 


345 225 rumilGroraSp 337 2.‘ 

386 206 IIElWp 375 1—3 15 

272 170 UmucnlOp 7944.. - 16 

•282 12b IMUdLMfflgZSR. 238 *3 4 

230 117 UtLSomtfic 224 -3 6 

505 320 KG tosbrenenb Up_ <90 — 11 

320 225 We» firms Z76 19 

105 55 (Warn *«r lftj 87+3 fl 


B L1 280 
LO 204> 
2J 228 
33 1*5 
2 A 8.9 
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40*90) 
115*0 24180 
30| 20 44 148 , 



.68(10 52 184 
09VW24 20 2L0 
♦DJ513 23*463) 


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1-1 <13(60 09 250 \wi 


333 +1 
429 -2 
7*1 +61 
112 ■ -4V 
31 -V 
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157 +1 
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410)60 09 250 joe 

029 2J 2.9 149 JS & 

LO0124 00 233 JS S 

8W1S 30 220 S' 

1-93-^ 08 ♦ -S i 

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1*3 * U I « KB 

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2JL1 448 j" 

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32 18 ZU S S 


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♦ *4 ♦ 

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405 138 
60 22 
131 70 

74 42 


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m. 193 +3 

KtLU_ 238 

bfPMSerlUa ZB +10 
gale & Job 50a- J58 -2 
leErgoeonlOp. ' 71 -2 
tgmiHMgsSp- 288 +U 
k>H)tea%_ us ..... 

sap— L 68 +2 

s252pcOLo *7 

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buAsseaL — «7. 

StikTecOSp. .115 -5 
t*Wh»HK31. 437 +4 

n5p— 37Vi...- 

iRedAswWJD.1 .78 (-3 

BtBS: S :::: 

iHWgsWp — 4 111 
m— — ___J 217 L_. 
uPaOMogylOpJ SIS 

8rafMgHKS2- m -2" 
Ben&Jngenre . X38 +3 
atCJeaoen — , 378 +1 
mMmtaya, 333 +12 
“»SroJ4._.398 +3 
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tobber__Zj « |_ 2 

wnwlOp 39 . 

0«ral5p — 48 

258 

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(“Sewife- 345 
te«J_5o_-J 295 -3 


ID) 49 In SeleaZDp — 97 . — 36 23 44 148 

155 r* hNhtmftQgp 153 — <s- - - - 

350 235 MMtatieFItgUD-. 334m .... M4 28 30 M3 

102 40 MortteteUp 9* -1 OJ - 07 - 

UO 17 ratal Dirataa5pJ 90 -5 05> — 08 — 


ReetlAiHtr 194 -1 

HtaronSp - 121 -1 

5*0 Stores 121* _ 47 +1 
Dp JIVpcPI 12 VpJ » ... 

Sears 141 -2 

FSareDraglOo— 275 . . . 

fStraBtorelOp. .235 . ... 

StmtfcCW HJA50P-. 332 -2 

Spanker UL G. J 5p J 93- -1 

5rere&Slm'ft' — i 4B 

SttrtngGrara20p..-J 14S 

5taretaawl0p___J 389 +8 
StarngardlOp— — t 13 -V 

SrameKto 1 M +5 

SrawttrapSttvUpJ 485 . - 
FT 6 S Stores 5p—J 3W 1+5 


5JI20 40 164 
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344j - 140 - 
13.422 14 180 
24140 12 250 
<&&U 30 2L9 
1*012.9 20 U 8 
2S\2A 3.9 102 
f305;i0; 5e 1*9 
11060 Lfc 130| 


J3j24 30 


ENGINEERING 

*75 245 l&WMp. p» t +1 

2*7 174 bo-enfiraw 266 [+2 

85 to tterraipnp-Eng 82 1-2 

440 360>»«.Lrei *48 [.. - 

13 5 lAtmW 5p 18s, ... 

195 118 Writes Caro Ear 5p_ 193 +2 

93V 37Vtom>al0p 93V +2 

297 135 [£( firora its .. 295 . .. 

208 150 iriwdiMI. - 189 -5 

2M. lbBwej(CH) 18V -V 

407 234 Baker PertrebSOo—. 344 +1 

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01 " KT-a-rin- n -.... 

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28 30 140 EZUi 06 

- 07 — 239 147 

- 04 — 352 94 

232 155 
lit 76V 
1*4 93 

10 39 202 52 30 

p 40 135 127 90 

2-1 4.9 £5 409 207 

17 60 124 E34U £22V 


INDUSTRIALS tRMicaL) MO im 

tel... ..i 3W»j4 y j 174)80 09 [160 6b 34 

I6AABK25 £X7V — : rfflS* + 20 + 430 159 

£BRCKM610»_ 221 *2 6J! 08 40 MU 239 179 

JMlOn 152a ..... *5.7! LB 50 144 M3 93 

ASDU 178 -5 .803460 70 84 59 

ramBrealOp- 188 -1 42 ♦ 55 + 319 157V 

O l te i u talte — 1*2 ..... Z2J 24 22 CLl *49% ,m. 

DerioyleHta.ft>- <5+1 flX 10 3L 3B3I 475 2sT 

tnmgbrelw- m +3 15.4 24 63 IB 158 120 

erateHnarerlta- 412+2 AO 32 21 2LO 78 40 

KfrUretABY950. £29V — ■ 30 30 7.9 84V ' 25 

IVrriPtmSii 42 rh LE * - * 125-78 

hnasi — 275 -1 (04! 23 30 170 190 ' 53 

tun — 34* -2 Li 2/ M M 738 *95 

ntefhd-lOp 343 IBS 23 30 140 126 60 

tow.8ot.SriLSflD-. 135+2 - — 145 58 

MtGnraFMZO- £31V — IMMi 4* L7 +,■ 1851 91 


91 47 &raM10B- 

4* jg l+BwelSp — 

2% 84 Strand Della! 


j - - - 45 22igAfteriW »i 5ti 42 rV 

B4ti20li* 17J 276 iSTitarasi 275 -1 

109964120 141 VM KBViftW 34* -2 

Ld 50 04,274 S3 130>5er tod. Up 343 

187041 L4 5.7 OW 143 67V Hres.Bn-SfOSlP- 135 +2 

-I - - - £31+ 05k (wer Group FM20— £31V — 

+T7SL9 JJ 2U 133 37V Ang. African Fin 7V+ 133- — . 

HbJ 20 4.7 12.7 » 20V MgioKortk. 27 

1*203 U U 1L4 135 UO HMtorSp..„_ 126 

(022 U U 100 405 150 ApcfatonMAAP).— . 2M -3 

4.75 + 20 ♦ (0 33 ArenmUp.^ 65 +5 

16.75*4 H OM 58 23 AirewrTreKUB— 57 

pj 44 I 25 49.9) *992 37 UMMwtod TtoSp^J 67 H-2 


3+W £225j*H+UUi4BW1 
45] 22>$UVeriPlM5|i- 
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5*Vh-l I fLft 44 I 20 49.9) 


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til Zll 
iflj 24 3.4 17.9 150 ia 
60 34 19 104 250 129V 
U 42 Z4 M.7 Si US' 
MU LO 220 102 70 

09 4 U HT . -7S¥ 45 


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tedtaFVwetiiare. Sffik -1 

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063% -190 - 
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J8X 43 2J 93..: 
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of 7 33 3.4 120 

- 11353 LO 1253 

£5 3 a rot*M 

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s- — — 320 r : 
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- 475 3.7 LO 134- -- 

t5 F40 3.9 30 poy 

rtW 20 42 : 164 ' ' 
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s a . agass --; 

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JSS 24 22 HA 

IV -1 ^3 23 15 ai . 

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49.96 10 60 1L5 

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.i ;- .- 


^maiicial Times Saturday March 7 1987 

wi- I *¥! l ?^ R,Ai5 ^ on *Smttd LEISURE— Canttmed 

■Stow Stack *^ 1 *^ “» ** M **7 I kail «• 

- !*■ - •wjevfirt!** wu. I sm . 

■f IBs£1£5 39 “« 



MIKES— Continued 

I M 


High If I Stack I We* J - * 

O.FS. 

303 105 iBwHxMtaea 1 ZM 

953 4^4 lFS.Cws.Go«S0c_ J 894 

246 95 fret 5t*tr Dev. 10e..J Z53 

%2 474 Narmam50c 764 

270% 93 lorl IHJL* Wd ROJI—I 268 

173 «5 Do.aassAU'WlOoJ MS 

193 50 Da. CUE B 09B81 Op J 170 

«31 17o Lorain* HI J 416 

9% 53b ». Herein 81 _J 910 

601 313 RWsel 1 552 

Diamond and Platinum 

£79 £32 itantoAm.lm.50c £7Bti-% 1 

baa 312 DeBeenBf. Sc 679 -9 

490 275 Do.COBcFf.19 480 t 20 

864 510 loKEtaPfen-ZOc 757 -1** 1 

725 410 Lyoecturg 12ijc 495 .. — 

860 5DD Was. PUL 10c 844 1-16 1 

Central African 

230 1 155 feikanZ5Qc I 178 1-2 

17 10 WMUeCoLZSl 15 L 

16 I 10 tZm£*rJ5B0024: — 1 35 H-ftl 


95 45 

£13 350 
£11*1 630 
£57ij S30S 
£42 £21 
33 U 
123 70 

845 409 
939 425 
CUR. 590 
35 18 

0®8 525 
£87 £ta> 
02 % 530 
785 450 
STS 250 

o*ynw 

21 5 

£25 825 

425 200 
100 44 

635 289 


Finance 

toGwpU5$UM 90 

ng. A*. Coal 53c — £6 

BDtaAmer.lOc— . £11 

rn.Affl.CaURl^— ESS 

ngtanalSOc £41 

CiDtaaCoMldp 25 

lop, Pret Carp USJtJ - 98 


ESS -ft 

£41 

25 ..... 

98 


Cons. Gold Fields 841 -2 

EcnbeHU 915 -24 

Keacor40c 985 -271 

to«S Has* 12>»— 29 

iGojdRrtfcSJLSc — 

jrf burg Coos. R2 £82 -2% 

Middle Wit 25c £11% -% 

H S3D1.40 TIB +4 

1 50c 489 -4 

ilc. £224. 

«kn 15c. — 7 

nesRl £J4 ...„. 

b. Praia. Rl _ 398 -20 

MdHtduSOcJ 599 1-5 


Australians 

7*J ftbAbaleeaMteNL — &, 

19 3 MOn- West 20c 18 

321 M MACM 50c 295 

85 6 IwWarfwErpIflJW...- 62 

11% 4 Wtaia OM & Minerals - 7 

29 4 WAuskaHs Mug N J 25»; 

75 2 m 3 btaMnMmRa.NL.. 67 

23 U *A/i*c&qita. 20 

25 6%bB*i™ralR» 17 

505 135 fWaraefcUkies 475 

143 AiyBMriCero 118 

153 89 IVBwgaiiNinel Kba_. 138 

69 18 WBivmtnck J1 61 

*355 213 b«AK ... 298 

88 40 bcarr Boyd 2 oJZZZj 65 

29% 16 bUfflra; PaoAc. 27 

30 UUKobiUMgAreaNL. 17* 

40 7 WCuMus ResHL52 30 

5 2%bEiigKCorplOc 5 

19% 6 l9£afi»vP&Atinlii~ W 

153 15 yEa^mei 20c 130 

327 112 3EiW7»i* 322 

21 8 b&MMWrZlk IS* 

BO 12 IVtotKpnseCM 77 

156 25 bforaayt»iNL...._ 149 

80 24 totem Exd 4 Minerals. 80 

980 315 MGM Kalgoorbe 25c — 900 

90 17 KiesVk(tfuGMd» 88 

5 l%bHHCAisiNL20c.- 4 

IBS 46 jOHa«* ImstnmBOc. 174 

61 26 toftS! Minerals NjL— 53 

48 15 bfMfan Ocean fcs 48 

30 7 Wwtoj*leM20c_J SO 

Per iMrtwt Gld sm Medjol Reveal 
80 16%|9 Jason Mttag 20c — 80 

70 22 tUUqMKcSMs 59 

80 il%|fJif>UMH«rtL 80 

16 5 >KatoaraMta20c — 13 

55 24 bOaOrafioMSl 43 

60 21 |*Q1dR«rNl2Sc_ 34 

37 17 |VMeetadarra25c— 33 

59 9 frM*taBEx50c ... ■ 45 

398 87 b«Ma»Utwak<U_ 398 

73 40 |9MeiranrM»20c. 73 


ZQlc — OA 
ZOlc — 22 


73 40 tatfcwanrll 

153 63 RMIMHJdgsE 


39 12 

35 9 

59 14 

145 75 


looll Secs. 25c 
HUM Burgess 20c. 

unnn Res NL 

mdiBHRISOc 

LJbfew# 


47 16 RDtwEmrn.NL 

75 13 P*ntaM»MMIig25c. 

156 M |9PmcdM , I25c 

36 *s^rat«»i«*SBntesNL. 
142 45 (Parras Hng/Exp5p_ 

311 205 w*Mo-Weibend50c.. 

« 3 9 bP^wtResNL 

IB 7 ^FwwanMlitag™ 

29 8 WrtegwiGMiLJ 

75 2R wSeoem Mima 20c 

564 22S We.uson50c.JZZj 

30 4 feaimon Expl' 11 . NL — 

415 143 bSoM&MlUHL 


8%WSrtm.GnWfle«s. 

12% bVeSoutbetn Pacific— 

9141 bSmeterafes 

1«% 3 )?5nifleniVe*Uie25c. 

32 10 RI5raraKEip1'n 

21 5W*SwnRs20c 

34 H «ThamaMfrriag25c_ 

BO 37 blhnGoWfinp.NI — 

33 11 }jPWeaCoaa25c 

279 113 Mesa.MMngSOt— 

336 82 |9Whrai(>ee* 20c 

67 20 bWMsn*llK«l 

21 4%l9VorfcRew«ei 


195 120 iAyerHKmSMl 140 -10 

72 Z? jGeetur 50 .. 

B? 35 (GoneegBertadtlSUO. 60 ... 

B7 17%Uanurl2'.>p 75 - 

59 15 (Malaysia Mng. 10c — 59 ... 

17 17 taPihaiii 170 ... 

130 BO htoowtaSMl 135 


130 70 CurvIResiSMl. 

150 90 SiewnglSo 

240 75 tinman SMI 


75 -3 

59 

170 

115 

90 

90 ..... 
125 L.._. 


90 65 

45 20 

132 92 

320 212 
19* 120 
195 85 

£31 
144 
198 
568 
533 
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99„ .. 

100 67 

130 15 

v» 35 
360 230 
•313 165 

4* 30 ... 

183 136 Write* UJ 
15% •% 

750 395 

320 va 

135% 97 
« 2D 
198 MO 
708 182 
98 56 

460 125 
38 16 

98 62 

138 * 

178 95 


138 
22 * 

MB 
340 
£429 
362 
2 » 

357>i 
460 

mi 
9M 
703 
991 

311*1 m 

£«3 fa 

587 2B 
CO% BB 
282 219 

M » 

3«8 220 
3* 2“ 
•99) 714 
499 362 
OM 7M 
•406 299 
273 194 
505 347 
522 380 

805 S 2 

998 778 
£5Z% 

£?«% 


Mhwellamw** 

147 30 ItaigMarttem ( 93 

80 21 *7CnIliir Res Cora — _J 31 +2% 

300 115 (Cora. Mow*. 10c. £1% 

48 24 MEnn. ;nt W On — 47 +6 

3«? 70 Cie«*icfcRa .) 247 4-19 

327 165 200 -5 

£20% 03%|Hiwaik* MtoingSlJ EU% -% 
310 lSOWtefnerReOLakeZJ 249 -ell 

285 70 WttisoEwlorailtesJ 123 +9 

57 28 bNew Sabina Res CS1 -I 54%-% 
411 200 fkorttwwCSi 


790 513 
□64 KU5 


232 18b 
50 10 

120 113 

54 16 

68 24 

63 10 

<1 8 
» 17 

55 46 
133 116 


fcortwttCSi [ 403 f-8 

RT2 J 739 +2 

Do.«»ietB'9MOOOj 053W-% 1 1 

- THiRO MARKET 

M LM: 



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179 1» 
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395 * 

175 JZ 

4 89 zn 

230 157 
63 % 

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261 t/b 
89 » 

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dBa Wau a m aw 25p Esdinatrt prt oMw w tata ratto m3 WW tee boefl 
m atesaMaal npamaMnuauKsantatoberapaBsMei ire updated Mtaff- 
yeariy Haares MU are calculated on •net" dlmfladJea bads, earnings pw 
Mare Being mapaiM «a prate after tajoMan and i —eWe ved ACT abete 
ateNnMi. inaned hqms indicate 10 per cent or men d Uft peace W 
cMcwbmo* *baP wgrlbBiBw. Cevera ara bated on "H i ban w" BhataBdik; 

das conanes gran di m b ea d cam te prate after taxation, evtadUR 
ewcpuoaai praflevkwas bai MUdim o date d aatart of e flmia bfe ACT. 
vieids ara oasM on mote prtauy are pant adtoted to ACT of 29 per CM 
md aNo» to. rahie « deciarad dNMIataai and 

• "Tta SMOf“ 

• Mate a»a Laws nwteedl bai la— araaad j teed bi adaa fcr M0 IsIbm» 

for amt 

t Interim wee movasen or roamed. 
t lnttn*i me rvdwMi, easied or defend. 

Ik Tm-tie* ra av-fewdeats on a wfcai low. 
t FlgufO or ratKi n mwrwL 

9 Not wHoafty ufc uswd; d ea Nn g i otnateed under Me B5MHI). 

• USM not Ubm on Sadr Exdurat and compaw not ttefected to mnt 
dune d rngnlanon a Ibted M ai rfte s . 

tj Dew * radet Rwe 535UI. 

0 Price » tew or aurtiMfl. 

1 toteewed temend after o—tag B ite endtorigWe taf mw ieta M lte 
pmmn Urdu* v> tornaa. 

6 tamper aw <t ra oraanKMIoa 6 prad ram 
4 No uonuratae 

4 Semr .nwm uom final mtfar redwed ipraUgi I na m ed. 

4 Forecast aWQ*r w l.'co*T nn earainpiiemted by I**** <* | m * , l II Wtat 
I Cone* yitows w omy eisa m nl wa it not on rwUeg fee dWdcndt te 
ramnng ooty io. mtneted d end en dL 

t Corn *»-. nca aHow for iteres Midi nay U» rate tor OMdend tea 
fMte» 4 Mr Mo P.E ratio imply prOOMld. 

H No pai «nar 

B.F* Setaoi. cram. Ft. Franc*. Fram 44neU bated oo mamUm 
Tteatarji adl •>*»*- lays uncranped until maturity of tttdc lAaraBUted 
UDMxnd D fat im ban on urmoactes or other offer estimate, e Qeme 
d Dnraeoa rate uvd m riavante on pvt of capHai, cow bated on tflvtdeod on 
ten cteAsB * Reoempnon yield f Rat yield. ■ ASMtned dhadead and yWd. 
b AuarnM tdHdma am yield after tenohsoe i Payment from capital nwceta 
h Kenya mime'im rcgnei tw omuoas wtal. u Rights btne peodtag. 
H on avticwwf tiqurn » Pnmend and yield endadfatpedaf 

aafoaem t iraHcned amhmd- cover raiaus to n revto m dMdeap, PIE ratio 
bated on mm wnuai emmoigt. a FprecM, o* attorned anmebted Mdead 
rat*, cow. vmi on amnoB rear's earnings. « Subject to loot tax. 
x DMdmo tom me A«s£ui i00tena.pDMdMd ami yMd based do imgcr 
lenns iP«ium and yield rauede a veoal payment: Cover does not apply !■ 
ii«ai curjiMw* A Net tewnimd ted yield k Preference dividend posed or 
deterred C Canadian E Vmirmun tender price. F DMdeud and yMd bated 00 
oraotdes « -xtw otfoai eutman lor 1906-B7 E Atsumed dMdmd Mt 
iw vfter an an, rem andrai H«a «ae. H Dividend and *eU based oa 
oraweaiisw nowi teftoal otnnaw lor I486. K DMdend wi yield band on 
erteUHaa » w cMicb. rannn tor 1987^8. l Estimated dmateed 
dmeno.cow «o we tuaen on mtest mw aandagi II DWdend and yMd 
uaseo -m annaeouc m owe* .dflcaai estinates tor 198566. N DMdead and 
r»4d oesea an urasBecjuiomrtier.dfieai estimates lor 1987 PFIgaresbased 
v- Jtwntiv- j* nine, official eumutes f» l«R7 6 Grass * Forecast 
ften teMdem .»m ad jt» gated on aresaectBS or other official 
eiBmMfe t Fnur-s aymmeo <ar 0*0 loraai »hun»t. Z DhMend total to date, 
mweyiauens 4 n annwml; cm tens wue; vet nghttj mmaH; dea 
casnai dtinffaiami. 




















































































































































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6 *7 golden hello has « poison pill. 

Owy won’t 1st na keep *y 

aecretwy froB... ^ 

, SeniorW 

f Secretaries 

THS>HOr*:0T-606T6T1 



FMANCIALTIMES 


Saturday March 7 1987 



Relocation details on 0633 56906 



Kinnock in call over London left 


BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT 


MR NEIL KINNOCK. the 
Labour leader, made clear yes- 
terday that he believes the 
party must act to prevent hard- 
left Labour councillors is Lon- 
don from damaging its chances 
of winning the next General 
Election. 

He said there should be a 
meeting of party members with 
political and public responsi- 
bilities in London to make it 
“crystal clear that those few 
whose antics attract sensational 
attention do not, and will not, 
exercise any influence on the 
policy direction or leadership 
of the Labour Party” 

The members also had to 
develop the most effective 
means of emphasising the posi- 
tive achievements of Labour in 
London and elsewhere. 

In a statement Mr Kinnock 
said: “ When it is obvious that 
there is an identifiable problem 
for the party I get on with 
taking practical steps to deal 
with it." 

His action followed the leak- 
ing of a letter from Ms Patricia 
Hewitt, his press secretary, to 
Mr Frank Dobson, chairman of 


the London group of Labour 
MPs, who acted as adviser for 
Mrs Deidre Wood, the Labour 
candidate defeated by the 
Social Democrats in the Green- 
wich by-election last week. 

The letter, sent after the 
Greenwich result admitted that 
the “loony Labour left” was 
taking its toll of party support 
in London. It said Mr Kinnock 
wanted to convene an urgent 
meeting between London parlia- 
mentary candidates, MPs. group 
leaders and party managers to 
discuss the pre-election and 
general campaigns in London. 

The leak of the letter has 
angered London Labour MPs, 
particularly as Mr Kinnock bad 
told a meeting of the parlia- 
mentary party earlier in the 
week that there should be no 
post-mortem examination of the 
Greenwich defeat. 

Speaking in Leeds last night 
Mr Kinnock said the letter was 
written before the by-election 
and with his authority. He 
described the leak as an act 
of cowardice, by an “anony- 
mous" person. 


Referring to his call for a 
meeting of leading London 
members, he said: “The great 
m»g<; of the public have come 
to understand that I will not 
tolerate the nonsense that goes 
on around the edges of the 
party and will act very firmly 
against it.” 

It was evident from Mr 
Kinnock's statement that the 
party ‘ hierarchy is worried at 
the way Conservative news- 
papers have highlighted the be- 
haviour of the so-called “ loony 
left.” He referred to the need 
to “push back the prejudice 
fostered by our opponents ” and 
to stress Labour’s “sensible, 
radical and democratic values.” 

He added: “These are my 
purposes. I will continue with 
them.” 

There are 84 London parlia- 
mentary constituencies. 26 of 
which are held by Labour. It 
was not clear yesterday when 
the proposed meeting would 
take place or wbast form it would 
take. 

Mr Roy Hattersley, Labour's 
deputy leader, took a similar 


line when interviewed on the 
BBC radio Jimmy Young pro- 
gramme. 

He said that a small number 
of party members had. decided 
that some issues were more im- 
portant that the real issues of 
party policy. The most damag- 
ing alliance against Labour was 
that of the far-left fringe groups 
and the Conservative news- 
papers which spotlighted their 
behaviour. 

Ms Linda Bellos, left-wing 
leader of Lambeth council said 
yesterday she was sick of the 
“ loony left ” label when what 
it- really meant was socialist 
policies. The alternative was 
for the party to renege on its 
socialist policies and become a 
hostage to fortune in the media. 

Mr Ken Livingstone, former 
Greater London Council leader, 
said it was morally wrong “to 
make lesbians and gay men 
scapegoats for our failure 1 to 
surge ahead ii) the polls.” This 
was a reference to a passage in. 
Ms Hewitt’s letter which stated 
that the “gays and lesbians 
issue was costing Labour dear.” 


Vauxhall 
Motors 
to end 
exports 


THE LEX COLUMN 



By Kenneth Gooding, 

Motor Industry Correspondent 


Thatcher 

backing 

for C&W 


By David Thomas and Ian Rodger 

MRS THATCHER has inter- 
vened in the battle by Cable 
and Wireless, the UK telecom- 
munications company, to enter 
the Japanese telecommunica- 
tions market 


She has told Mr Yasutairo 
Nakasone, Japanese Prime 
Minister, that she regards UK 
participation in Japan’s second 
international telecommunica- 
tions service as a test case of 
his country's willingness to open 
its markets. 


Cable and Wireless is part of 
a consortium, called Interna- 
tional Digital Communications 
Planning (IDC). bidding for the 
franchise for the service. 


Japan's international telecom- 
munications market is likely to 
be worth more than Y600bn 
(£2.5bn) by 1995. according to 
those involved in the bid. 


Foreign participants in the 
bid believe the outcome is 
likely to be affected by polrtitcal 
lobbying because it is becoming 
entangled in wider questions 
concerning Japan’s trading 
record. 


Influential interests in 
Japan, including the Ministry 
of Posts and Telecommunica- 
tions. want to dilute the role 
of foreign companies in the 
outcome, possibly by merging 
IDC with International Tele- 
communications Japan, the 
second. all-Japanese, consortium 
contesting the bid. 


Clarke 

Govern] 


loves to heal rifts in 
lent over pay flexibility 


BY PHILIP BASSETT. LABOUR EDITOR 


MR KENNETH CLARKE, the 
Paymaster General, yesterday 
moved to mend divisions in the 
Government on the issue of 
greater pay flexibility, though 
be stressed again the need to 
move away from national pay 
bargaining. 

The restatement by Mr Clarke, 
the Department of Employ- 
ment’s principal Commons 
minister, of the need for change 
in British pay bargaining, fol- 
lows what appeared to be de- 
partmental splits on the ques- 
tion. 

The Treasury this week pub- 
licly distanced itself from the 
thrust of Mr Clarke’s previous 
exhortations for change cm pay 
and made two pay offers to civil 
servants which seemed to con- 
tradict his ideas, and Ministers 
chose not to push the pay flexi- 
bility issue at the moodily meet- 
ing of the National Economic 
Development Council. 

But Mr Clarke, speaking to 
industrialists in the Ribble 
Valley, Lancashire, returned to 
his theme and said there was 


“absolutely no doubt that out- 
dated forms of wage bargaining 
will hold back economic pro- 
gress.” 

Significantly, though, much of 
the stress of his speech was on 
linking pay to performance, 
rather than the more controver- 
sial question of changing 
national pay bargaining. 

He rejected ideas of a divide 
between north and south over 
jobs and pay. and emphasised 
the differences between local 
labour markets. He argued 
that what they showed was “ a 
contrast within regions, as 
much as between them,” a con- 
trast between areas which had 
been able to adapt quickly to 
new economic forces, and those 
which had not 

Mr Clarke said that his 
message was that unearned 
wage increases destroyed jobs. 
“ This is definitely not the same 
as saying that people in the 
north, or anywhere else, should 
accept cuts in salary,” he said. 

He thought that as the UK 
moved away from national bar- 
gaining, northerners would pay 


themselves more than 
southerners if their industries 
were more successful. 

The Treasury specifically dis- 
tanced itself from Mr Clarke's 
ideas in describing a provisional 
agreement reached with the 
IPCS specialist civil servants' 
union when it said hie sugges- 
tions were not totailv. realistic. 

But Mr Clarke said the IPCS 
agreement “ also has greater 
flexibility as its aim. ” and that 
it included relating pay to local 
conditions in different parts of 
the country. 

He said that while he under 
stood that ideal objectives could 
not be achieved in any one 
negotiation, “ the deal with 
EPCS is certainly a step in tire 
right direction ” and a great im- 
provement an the previous pay 
arrangements. 

It showed the Government was 
“ moving in a realistic and 
practical way towards promoting 
greater flexibility among its own 
employees.” 

Scottish health chiefs’ pay. 
Page 6 


Ladbroke launches rights issue 


Mrs Thatcher, who is taking 
a close interest in the bid. 
wrote to Mr NakasoDe this week 
arguing the case for foreign 
participation in the outcome. 


In a written Commons answer 
yesterday, she said: “I believe 
that this is an opportunity for 
Japan to show that its maTket 
is becoming more open and to 
create an outstanding example 
of Anglo-Japanese industrial co- 
operation in high technology.” 


Members of IDC believe the 
Government is likely to follow 
up the relatively unusual degree 
of interest beihg shown by the 
Prime Minister in an individual 
contract by putting further 
pressure on tbe Japanese. 


Background, Page 2 


BY CLAY HARRIS 


LADBROKE GROUP yesterday 
launched Britain’s largest rights 
issue since last May, asking 
shareholders for £3 04m to fond 
the growth of its betting and 
racing, hotels, property and 
retailing operations. 

The Ladbroke share price lost 
only 2p to 429p after the three- 
for-10 issue at 375p was 
announced. Tbe rights issue had 
been widely rumoured on Thurs- 
day, with the price slipping 
back from 450p on Tuesday. 

Mr Cyril Stein, chairman, 
emphasised that the £294m net 
proceeds would be used to 
develop Lad broke’s core busi- 
nesses. “We have no current 
intention to make a major com- 
pany acquisition,” he said. 

Ladbroke announced that 
pre-tax profits had advanced 35 
per cent to £101.3m in 1986 on 
turnover 31 per cent higher at 
£1.77bn. 

The company also disclosed 


that it had been approached to 
sell its 20 per cent stake in 
Central Independent Tele- 
vision, which holds the com- 
mercial franchise for the 
Midlands. 

“Tbe price that we have 
been offered is substantially 
more than the market price at 
tbis moment,” Mr Stein said. 
“We haven’t accepted.” Lad- 
broke's holding in Central was 
worth more than £24m at 


growth, such as that achieved 
through investment in the Texas 
Homecare do-it-yourself chain 
bought last year for £195m, 
with earnings from assets like 
hotels and property which took 
a longer time to show a return. 

The group said it would con- 
tinue to sell businesses outside 
its four core operations which 
bad “reached maturity under 
its management” Disposals 
last year included Laskys, the 


VAUXHALL MOTORS is to stop 
exporting cars to the Continent 
at tbe end of March, only three 
months after they resumed fol- 
lowing a seven-year break. 

Vauxhall, the UK car sub- 
sidiary of General Motors of 
the US. said yesterday that 
European-wide demand for the 
model— the Opel As can a. sister 
of the. Vauxhall Cavalier — was 
not as strong as expected. In 
addition, the company needed 
all production at its British fac- 
tories for the UK market. aDd 
output at Luton, where the 
Cavalier and Ascona are pro- 
duced. was still being hit by 
a high level of avoidable absen- 
teeism. 

“While we can’t build enough 
cars for the home market It 
makes no sense to export,” Mr 
Eric Fountain, director of pub- 
lic affairs, sard. 

The decision has angered tbe 
Vauxhall unions. They com- 
plain that the export experiment 
was not give a fair trial. They 
say proper tooling for tbe ex- 
port models was not available 
and that training was inade- 
quate. ‘ 

“Senior management bad no 
intention of making tins order 
a success and wanted de- 
liberately to undermine tbe UK’s 
credibility within GUI’s organisa- 
tion,” members of VauxhaH’5 
joint trade union liaison, com- 
mittee said. 

Mr Fountain . insisted tbe 
union complaints were not justi- 
fied. 

Vauxhall started tbe year in- 
tending to build 8.500 Asconas 
for export mainly to Denmark 
and tbe Netherlands. Tbe total 
has been reduced to 6.000 and 
the order will be completed by 
the end of the month. 

Mr Fountain said Vauxhafl 
aimed to supply 70 per cent of 
the cars it sold in the UK this 
year from British factories com- 
pared with 56 per cent in 1986. 

But tbe effort was being held 
back by absenteeism which cost 
tiie output of 200 ban in the 
first six days of March and 
“several hundred” cars in the 
first two months of this year. 

Absenteeism had been 
reduced from 12.5 per cent to 
9 per cent but Vauxhall con 
tinued to strive to get it down 
to about 5 per cent 
Mr Fountain said Vauxhall 
also bad asked employees to 
change a spring holiday to the 
autumn to help burld up produc- 
tion for the peak August selling 
period but the workforce bad 
voted against the change. 

Ley! and write-off costs. Page 4 


low countries 


Ladbroke 


There is something absurd in . - “ . 

haring competing partial tender Index feu U.uto 1601.4 
offers for Imperial Continental - = — ■ - : • - 

Gas Association from two com- ' • . ' ■ 

panies, whose interests are in ' 
capturing different arms of a 
group which is about to perform, 
the demerger of its own 
volition. Why could not Tract- 
abei, Groupe Bruxelles Lambert 
and SHV sit around a table 
poised on the border between 
Belgium and Holland, and ' 
divide up the spoils? Perhaps . 
because GBL was involved in 
the Barclay brothers’ plans for 
IC Gas’s Belgian assets, and so 
would not be trusted by SHV. 

As for the Barclay brothers, it 
is by no means dear that they 
have sold tbeir 11 per cent stake 


in IC Gas. It is surprising to 
see that the Belgians have 
accumulated a 15 per cent 
stake in IC Gas without any- 
body noticing or being told. But 
as it is an association, normal 
Companies Act disclosure rules 
do not apply to IC Gas. 
Shareholders now have a 



chain — justified by its pftqnfr; 
tial market share but_beyonw 
Home Charm’s former -means, r 
Ladbroke is also ploughing * 
lot of capital into hotel • con-. . • 
st ruction, and London hotel-/ 
rooms come ’ expensive • these V . 
days. Setting the interest;'-- 
savings against .the £20Wn :■*! 
outflow planned for thiVyear,': 
Ladbroke’s net interest bill 
should fall a fraction, ; wfc&s J 
operating profits ought to rise J v 
by around 40 per ceaC^ttT.i 
dilution should not be 1 tfme&r. 


$ 

A 


b 

«*c- 


l* ■ 

v.-r ■ 


l.;.. 




Peps 


demand, and that in so doing 
the price of the shares being 
acquired does not significantly 
increase. Yet it is obvious that 


The faint but ngly sOond of- 'j 
competing principles 
into each other can. be;he*fd-:i- 
seeping out of several blue-djrp,. 
boardrooms, the Investor Eela< ivj 
tions Society and 
Treasury. The root of thecdb/';^ 
flict is the cost of ferric 5 - 
Peps shareholders. A . mim 
of large companies 
realised that their commitment-' , 
(at least theoretical) 


even , if - the market maker _ __ 

dehdoS , dUe^ma W Shoi3d V W widei.share. o wnengfe ^ 

go after a tender for 23 per “LSSgfei 


yesterday’s unchanged closing consumer electronics retailer, 


price of 488p. 

The proceeds from the rights 
Issue wffl strengthen Ladbroke’s 
balance sheet which has been 
depleted by heavy capital expen- 
diture. Net borrowing has 
risen by about £200m from the 
£350m level at the end of 1985. 


Ladbroke plans to spend 
£200m this year after Invest- 
ment of £300m in 1986, Mr Stein 
said. The company needed to 
balance short-term earnings 


and tbe company’s bingo halls, 
Ladbroke had no specific can- 
didates for disposals and would 
choose its timing carefully, Mr 
Stein said. “ We always sell at 
peak prices.” 

The rights issue is the largest 
since National Westminster 
Bank’s record £71 4m cash call 
10 months ago. Rowe and Pit- 
man is stockbroker to the 
Ladbroke issue, which is under- 
written by Charterhouse. 

Results and feature. Page 10 


Continued from Page 1 

Teachers 


CHIEF PRICE CHANGES YESTERDAY 


(Prices in pence unless otherwise Indicated) 


1, 1 

RISES 




Palma Group 

65*+ 5J 


ASDA-MFI 

159 


7 

Paterson Zochonis... 

338 + 

7 

1 l 

Allied Lyons 

405 

+ 

19 

Perry Group 

226 + 

20 

f * 

Bass 

593 

+ 

25 

Property Trust 

5* + 

i 



562 

+ 

19 


309 + 

8 

, : 

Blue Circle 

718 

+ 

20 

Tomkinsons 

395 + 

18 

1 

Burgess Products ... 

256 

4- 

23 

Whitbread A 

334 + 

6 

! 

Guinness Peat 

105 J+ 8$ 

FALLS 




Harris Queens way... 

213 

+ 

8 

BAT Inds 

523 - 

13 

. 

Hodgson ffldgs. 

200 

+ 

16 

BP 

803 - 

8 


Lee Cooper 

436 

+ 

23 

Cadbury Schweppes 247 — 

51 


Lep Group 

173 

+ 

14 

DRG 

413 - 

12 


London Park Hotels 761 

+ 

61 

Jaguar 

585 - 

11 

i 

Monotype 

181 

+ 

26 

Lam out 

231 - 

9 


Moorgate Group ... 

ISO 

+ 

22 

Mercury Inti 

363 - 

10 


Next 

319 

+ 

11 

Wellcome 

486 - 

6 


WORLDWIDE WEATHER 


UK today: Ram in north and west. cold 
but dnar In aaai. Outlook: Cold but 
brighter. 


Y'day 

midday 


Y'dav 

midday 





•c 

•F 



■c 

•F 



“C 

B F 



°c 



London 

SI 

3 

37 

Oporto 

C 

17 

63 

Vienne 

F 

-5 

23 

Nicosia 

F 

12 

54 


Ajaccio 

R 

7 

45 

Oslo 

s 

— 7 

19 

Warsaw 

F 

-IQ 

14 

Paris 

S 

4 

39 


Algiers 

S 

18 

64 

Corfu 

s 

S 

43 

Zurich 

S 

-3 

27 

Peking 


— 



Amsdm 

F 

2 

36 

Dallsst 

F 

8 

46 


R 

15 

59 

Perth 

S 

27 

81 


Arhans 

Srr 

1 

34 

Dublin 

R 

7 

4b 

Luxmbg. S 

O 

32 

Prague 

F 

-5 

23 


Bahrain 

S 

24 

75 

Dbn/nle. 

S 


34 

Madeira 

5 

20 

68 

Rykjvk. 

C 

1 

34 


Barclna 

C 

10 

50 

Ednbgh. 

R 

4 

3S 

Madrid 

S 

16 

61 

Rhodes 

S 

6 

43 


Belfast 

Dr 

7 

45 

Faro 

S 

20 

68 

Majorca 

S 

13 

55 

Rio J'o 


— 

— 


Belgrd 

S 

-5 

23 

Florence 

F 

4 

39 

Malaga 

s 

19 

66 

Rome 

s 

6 

43 


Berlin 

F 

-4 

25 

FranJrfr. 

S 

2 

36 

Malta 

F 

J1 

52 

Salzbrg. 

s 

—5 

23 


Biarritz 

S 

18 

64 

Geneva 

S 

0 

32 

M'chstr 

C 

3 

37 

S’ciscot 

c 

11 

52 

i * 

Bmghm 

c 

2 

36 

Gibrfrr. 

C 

16 

61 

Melbne. 




_ 

Seoul 

s 

4 

39 


Black pt 

R 

A 

39 

Gl’sg'w 

n 

5 

41 

M*. C. 


— 

_ 

Stngapr. 

F 

23 

84 


& 

Bombay 

s 

30 

86 

G'msejr 




Miamif 

R 

19 

66 

S'bano 


— 

— 


Bordx 

s 

14 

57 

Helsinki 

s- 

-10 

14 

Milan 

F 

3 

37 

Stckhm. 

F 

-6 

21 


BoulgnT 




— 

H. Kong 

c 

23 

73 

Monirl.t 

F 

-4 

2S 

Strasbg. 

S 

1 

34 

, i 

Bristol 

c 

6 

43 

Innsbrk. 

s 

-1 

30 

Moscow 

C 

-1 

30 

Sydney 

F 

23 

73 

■ 

Brussels 

s 

3 

37 

Invrnss. 

c 

7 

45 

Munich 

s 

-4 

25 

Tangier 


_ 




Budpst 

s 

-4 

25 

I.o. Man 

R 

6 

43 

Nairobi 


- 


Tel Aviv 

F 

15 

59 



Cairo 

F 

18 

64 

Istanbul 

F 

— 4 

25 

Naples 

s 

4 

39 

Tenerife 

S 

25 

77 



Cardiff 

R 

5 

41 

Jersey 

F 

6 

43 

Nassau 



— 

Tokvo 

s 

18 

64 



Cepe T. 

s 

22 

72 

Jo’burO 

s 

27 

81 

Nwcstl. Sn 

1 

34 

TVntot 

F 

-2 

28 

• 

* 

Chick.t 

F 

-1 

30 

L. Pirns 

s 

21 

70 

N Delhi 

F 

Z7 

81 

Tunis 

C 

17 

54 


u 

Cnlngns 

S 

3 

37 

Lisbon 

c 

17 

63 

N Yorfct 

F 

1 

34 

Valencia 

F 

15 

59 


Cpnhgn 

s 

-S 

23 

Locarno 

s 

3 

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Nice 

R 

6 

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Venice 

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Y’day 

midday 


Y'day 

midday 


Continued from Page 1 

Arms breakthrough 


C— ■ Cloudy., Dr— Drizzle. F — Fair. R — Rain, S — Sunny. SI — SI not. Sn — Snow, 
t Noon GMT tampanturaa. 


would have to cover short- 
range missiles with a range of 
up to 1.000 km in which the 
Soviet Union had a marked 
superiority. 

Mr Vorontsov had some re- 
assuring comments to make on 
this specific point, which is 
seen in the West as a possible 
obstacle to quick agreement on 
INF. The Soviet negotiator 
said he did not expect an 
accord to be held up by dis- 
agreements over shortage range 
missiles. 

Mr Vorontsov told the Paris 
news conference that “ all the 
elements point to optimism " 
and that only technical work 
on treaty language remained to 
be worked out. He said the 
Soviet side planned to take “ an 
attacking position ” in pressing 
for the widest possible verifica- 
tion of compliance with the 
treaty and that it would be a 
mistake to assume that it was 
only the Wpc t which was pres- 
sing for such measures. 

However, both Mr Vorontsov 
and Mr Kampelman said the 
latest Geneva round, which 
went into recess yesterday, had 
broucbt little nr no progress on 
limiting strategic offensive 
missiles and space weapons. 
Though Mr Kampelman said he 
was extremely interested in Mr 
Gorbachev’s indication that he 
might accept an agreement on 
strategic weapons reductions 
without curbing flu testing of 


SDI, he conceded that the 
Soviet leader’s remarks needed 
clarification. 

The Nato position, worked 
out in consultation with the 
US. is that an arms control 
package should consist °f an 
INF agreement coupled with a 
50 per cent cut over five years 
in US and Soviet strategic offeo- 
sive weapons and a ban on 
chemical weapons. In ail three 
cases. effective verification 
would be an essential element. 

Under the US and Soviet pro- 
posals tabled in Geneva, both 
sides would remove and destroy 
ail the medium-range missiles in 
Europe west of the Urals. These 
include some 270 triple-warhead 
Soviet SS20 missiles deployed 
since 1977 and some 316 single- 
warhead US Pershing-2 and 
cruise missiles deployed since 
3983 in Britain. West Germany, 
Italy and Belgium. 

Each side would be permitted 
to retain 100 INF warheads on 
the US mainland and in Soviet 
Asia, which Moscow has defined 
as starting at the 80th meridian, 
just each of the Urals. 

Mr Vorontsov confirmed, 
however, that the exact siting 
of the remaining missiles still 
had to be negotiated. “They 
have found an interesting place 
where they want us to site our 
missiles: we will find an inter- 
esting place to aite their 
missiles.** 


Jarvis and Mr Smithies had 
been honest enough to pose 
their question purely In terms 
of ' strike action ’ as opposed to 
’ strike or other action,* we can 
be sure that the proportion of 
teachers supporting the unions’ 
call would have been much 
less.” 

Mr Baker also queried the 
ballots for having largely taken 
place beFore last Monday, when 
he announced tbe revised terms 
of the 16.4 per cent. 15-month 
pay deal to be imposed in two 
stages. 

Mr Giles Radice, the shadow 
education secretary, last night 
called on Mr Baker to meet tbe 
unions to discuss re-establishing 
some form of collective bargain- 
ing machinery for teachers— -the 
loss of which had seemed to be 
the main spur for the strike 
votes. 

However. Mr Radice said: “ f 
deeply regret any further dis- 
ruption. I have warned the 
teachers that they have to take 
parental support with them and 
my assumption would be that 
parents have had really quite 
enough disruption.” 


Continued from Page 

NYSE 


which ere not members of 
NYSE. 

Mr Peter Dale, deputy chief 
executive of NatWest Invest- 
ment Bank, said “prima facie, 
we have an absurd situation. It 
is somewhat akin to King Canute 
saying the tide is not going to 
come in today. 

He did not think, howevsr, 
that NatWest, which has securi- 
ties operations in both the UK 
and the US, would be affected, 
as the two subsidiaries — County 
Securities Limited and County 
Securi ties ' Corporation — were 
separate legal entities. 


cent of their stock at 700p or 
after one for only 15 per cent 
at 71 Op? Both offer a top-up 
to the level of any subsequent 
successful bid. The Belgians 
may be more likely to offer 
further action on the Calor 
front once the demerger goes 
through, since they have no 
obvious attachment to that part 
of the . package. Shareholders 
may even deride to vote adl 
shares for both offers simul- 
taneously and attempt to 
realise an average sale price, 
for 38 per cent of holdings, of 
704p. What fun! 


may well find the price has 
moved against him. 

A blanket ban on front run- 
ning would make life extra- 
ordinarily unpleasant for the 
integrated bouses. But it is 
already clear that some prac- 
titioners will find it irresistibly 
tempting to interpret the Sfc 
ruling with a certain flexibility. 


Ladbroke 


Front running 


The potential for conflicts of 
interest involved in the aroalga- 
tion of market maker and stock 
analyst under the same roof 
are palpable. But the integrated 
securities houses prefer to re- 
gard the relationship as one of 
synergy- When Phillips and 
Drew’s motor analyst (with a 
job offer from James Capel in 
his pocket) harangued his em- 
ployers for demanding that 
market makers receive advance 
notice of analysts’ recommen- 
dations. it was noticeable that 
none of the other houses 
claimed their nolicy was any 
different from that of P&D. 

In fact draft ' SIB rules 
specifically permit front run- 
ning. provided that the house 
is carrying out the manoeuvre 
only to bring Its book into line 
with the anticipated client 


If you . are going to have a 
rights issue, it is often a more 
persuasive -argument to have 
spent the money -already than 
to be thinking about some as- 
yet unspecified grand design. 
Ladbroke was able to make, a 
pretty good case yesterday for 


with the rather moreV fand^ 
mental instinct to V restram-^j 
costs. 

If the nuipber of -Pep^rjn- Y 
vestors turns out to bevany^, 
where near the top endyof ' 
expectations. -.several blue chips;/ 
may find ; . an . extra 
shareholders oil the register. . 
And as the Government insists ; 
the investors -are all treated •as^ i 
full shareholders (In receiptof--*. 
interim results, annual reports/ ^ 
invitations to • AGMs '■arid 1 '- 
EGMs and of course shared"! 
holder discounts if applicable 
they could end up costing samel 
companies over £lm a- year to -1 
Service; . . : 

The Treasury nevetrih etess b^ 


5^‘ ; 

jijr^ 

« 

!*> T 

: 

fifee? 

Kff.’ 

ife c 

fc a 
fetf i 
lasi ' 

EB5ff" 

PKftf 

rive 

a** 
tar: c 
Fe a 
ii a* 
is fe 
wwn 
rerjir: 

itfe. t 
ikhs 
wm" 


ndafcwSferf equityTbased 

largely an the sheer number ? €at “ €Dt 01 Peps shareholders-; 


of projects -that have been eat- 
ing up cash over the past Year, 
dropping the group’s interest- 
cover from over, six times -to a 
little under 4$. The .market’s 
comfortable response to a dis- 


is a dangerous dilution of 
principle of equity: and if onfi: 
aim of Peps is to foster a wider'?;- 
understanding of i campaagri 
finance it is . rather, importance 
that people are sent tbe 


thactly heavy and tightly-pitched accounts. There is, howevgr.- h;; 


issue was indeed due partly to 
the leaks which had already 
built in a discount of around 
2 Op in the 24 hours before the 
issue came to be priced: the 
shares fell only 2p to 429p on 
the official news. • 

But It is also true that Lad- 
broke’s uses for the money were . 


danger that tins seeming^ 'tof; 
nocuous dispute could . iprpd^^ 
some of the recent inspr&p^:^ 
meats in the quality of qw&rv 
pany information. If comparS» : , j 
are .forced to print 5O&J0wti 
armitid reports instead 'rOfSl? 


100,000. they might weU take.a- , 
closer look at file cost Of ijjboff : ] 
fairly readily understood. Tbe design and disclosure. PprhjipS'.V; 
purchase of Home Charm im- an expanded Extel card, ! 

plied that Ladbroke would reply-paid application . for 
provide cash to fund a high fall accounts would suffice -for 
rate of expansion in the Texas tbe Peps. : -'- 


7i\; 


L&atiaai 




LIVING UP 


1 


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KUW 

her (ti 
liuls ( 
■ft* T> 
bars i 
wore 
ffr'w 
in Kb 

Tfc 
0« ; . 

Pbpth 
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Gfetord; 

tocif : 
it iji 

Poi 



GROFUND TRUSTS: 

% INCREASE SINCE LAUNCH 


Source: Opal Statistics 

Offer to bid with income 
reinvested 4/3/87 


EUROPEAN 

+1773% 


EQUITY 

37.0% 


JAPAN 

+156.6% 


AMERICAN 

+77.5% 


AUSTRALIA 

+48.4% 



launch dale 
V7/1984 


Launch dw« 
21/3,1983 





: Laurtdj'date 
0/ 7/1984 


Launch date 
0/7/1934.- 


To find out exactly bow we live up to our name 
contactTony Fraher, Grofund Managers l td , ' 
Pinners Hall, 8-9 Austin Friars, London 
EC2N 2AE. Telephone: 01-588 5317. 


DRG Plastics plans 
£5m plant in Wales 


DRG PLASTICS is launching a 
£5m project to establish a 
manufacturing plant at Deeside 
Industrial Park, Clwyd. About 
ioo jobs will be created within 
three years. 



t.7n. A 

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RetffttBFMj ■! th» Pan Offlcv, 
Bra dean Houaa. Cannon Straw, _ 
of thla nowapapar In any mannar 


Prlnwd by St. CJatnama Pmsa fdr and puMbhad by -tha FmanHm rimL. 

London EC4P 48Y... & TTw-Knaopial Ttmei Ud,. raw. 

•r h not pvrmtttBd without prior consent of tire publisher." . or oia^contpa^ ^ ■ 


•V s -v;v **7^/ 


















T V: Fmaicial Times Saturday March 7 1987 


:»lj* a ' 

M . 

V 


WEEKEND FT I 



Saturday March 7 1987 


MARKETS * FINANCE &THE 





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I 


ROSE will be. revived on Thurs- 
day at London's - Royal Opera 
House — Chaikovsky's .' Swan 
Lake., The occasion, is a gala 
/benefit for the Benesh Institute 
of Notation, and this production marks 
the debut of Anthony Dowell as artistic 
-director of the Royal Ballet Cynthia 
Harvey will dance the double role of 
Odette and OdUe, and Jonathan Cope 
that of Prince Siegfried. The first public 
• performance follows on Friday. - 
1 Swan. Lake is one of the hardiest 
perennials at Co vent Garden; this week’s 
. gala comes 110 years, a week and a day 
5* after the, ballet was first shown to a 
...t paying audience in Moscow. And if 
« longevity were' not sufficient measure of 
;its health. Swan Lake has been subjected 
. to experiments from tune to time which 

- yielded bizarre and unappealing hybrids. 

• :.Oxdy robust- flowers retain their beauty 
-when defied. Yet, this ability to sustain 
disfigurement with grace is not simply 

.. a" matter of fundamental strength but has 

• also to do with the status of Swan Lake 
-as a classic— that is to say, a creation 
: which transcends its generation and 

birthright m its artistic appeal and the 
r&evance of its message. 

In the case of Stoan Lake, neither the 
message nor the classic status was clear 
110 years ago. Judging from the number 
‘ of times the ballet was performed 

- Muscovites then liked what they saw but 
■were not sure what kind of flower' the 
hew work was. For six years. Swan 

• Lake endured . the trials of natural 
selection as artists and producers tam- 
pered with it, trying to give it a distinc- 
tive character. Then, the ballet was 

; dropped, apparently forever. 

In Russia, that turned out to be a 
: dozen years. As if haunted by Swan 
Labe’s echo, Marius Petipa, first ballet- 
master of the imperial theatres in St 
Petersburg, sent to Moscow for the 
■score. Petipa and bis assistant, second 
ballet-master Lev Ivanov, produced the 
work, which went on to flourish again 
in a version first performed in St Peters- 
burg on January 15 1895 (Old Style). 
But - the transplant into northern soil 
did more than flourish. From it grew 
the haUefs classic stature: this latest 
version is the measure of szH subsquent 
revisions, experimental or traditional. 

The story of the ballet is a fairy 
tale, and- for that reason its message 
resides beneath a whimsical and unlikely 
narrative. Indeed if Stoan Lake were 
oniy about a mother’s plan to marry off 
her son being foiled by an evil genie 
because the hoy loves a gill who spends 
her days as a bird, the ballet would have 
-little claim to our attention or sympathy. 
The producers of Swan Lake in Peters- 
burg realised this and before setting to 
work on the musk: and the dances, 
revised the scenario that had been used 
in - Moscow, -darifting its imagery , and 
•deleting unnecessary detail. 

The result is a dash of two. worlds. 
One is a . brassy, public , world of 
-responsibility and manners, where soda! 
proprieties force people to, act in ways 
at odds with their feelings add judgment. 
The other is a quiet, private world ef 
instinct and emotion, where purity of 
heart guides impulse untrammelled by 
too much civility. In Swan Lake, these 
worlds are presented to us in an enig- 
matic reversal of connotation much 
beloved of romantic artists. _ The 
difference between them visually is one 
xif day and night But the. reality of 
day. like our artificial behaviour in it, 
is ultimately false and Musory while the 
extraordinary visions of night strike us 
as intimations of our true aspiration-— 
glimpses at a higher, more profoundly 
genuine reality. 

: In the story alone, .we sense a 
contemporary (or tuneless) human 


Roland John Wiley previews the Royal Ballet's latest production of a hardy perennial 

New life for an old Swan 


resonance. One of the great virtues of 
the Petersburg version of Swan Lake 
was that the styles of the two choreo- 
graphers involved with the production 
matched this dichotomy of worlds per- 
fectly. While both men coukl respond 
in choreography to any narrative situa- 
tion, as a stylist Petipa excelled at 
bravura dances calling for technical 
brilliance and finish, whereas Ivanov was 
at his best in dances with lyrical, gently 
contoured movement. The difference was 
as day to night. 

A judicious revision of Chaikovsky’s 
music complemented the differences in 
the story and the natural aptitudes of 
its choreographers. As matters turned 
out, the score of Stoan Lake as Chaikov- 
sky composed it revealed many of the 
problems of a first attempt — not deficien- 
cies of talent but miscalculations by a 
non-specialist working without a choreo- 
grapher’s advice. Swan Lake was too 
long, too loud, and slightly misshapen. 
So, it was shortened and toned down 
and its numbers repositioned as neces- 
sary to reinforce the diurnal-nocturnal 
contrast with the greatest possible 
cogency. 

When the question facing Anthony 
Dowell was whether to be a traditionalist, 
the answer was easy. A rose of classic 
beauty already existed — why not prefer 
it to a hybrid? — and the company of 
which Dowell is now master takes pride 
in its history of keeping faith with 
tradition. 

That decision taken, perhaps the story 
should be over for lack of something 
more to tell. But putting philosophy into 
practice is never easy, and the artistic 
rightness of Dowell's choosing to revive 
the Petipa-Ivanbv version of Swan Lake 
was a far cry from realising the produc- 
tion on stage. 

Just as a ship tends to drift off course 
under the pressure of prevailing winds 
and currents, a ballet tends to depart 
from a given performance regimen under 
the pressure of artistic fashion and 
public taste. Changes in the ballet may 
or may not become a permanent part of 
the work, as they are subject to pro- 
cesses of discrimination similar to 
natural selection in a rose. 

Dowell has made many journeys 
through Swan Lake as a dancer. Now, 
as director, his decision to replace the 
present traditional version of Swan Lake 
at Covent Garden with a new traditional 
version would at first seem paradoxical. 

If so, it is explained by the paradox 
within the meaning of the word “tradi- 
tional,” which in reference to ballet 
always connotes a work that is partly 
changed, partly the same. Dowell has 
chosen to reaffirm the narrative, music 
and choreography of the 1S95 produc- 
tion. His efforts mark a periodic 
re-adjustment in the traditional version 
' of Storm Lake, one which will make the 
Covent Garden production in these 
respects a purer variant of the classic 
model than what has been performed 
there in recent years. 

Recreating such an ephemeral art 
form as ballet is no trifling matter. Even 
with the availability of film and sophisti- 
cated systems of movement . notation. . 
reconstruction of a recent ballet is an 
intricate and specialised skill and one 



One of Volant's Sonnsb-nd’s designs for next week’s new Boyd 
Bullet product*™ of Swan Lake. Inset: Pierina Legnam as Odette 
in the 1893 St Petersburg production 


practised, as regards the repertoire of 
the Royal Ballet, by notalors trained at 
the institute for which Thursday night s 
benefit performance is being given. For 
works created before such technologies 
were available, the task is highly prob- 
lematical, if possible at all. When the 
reconstruction is of a classic like Siran 
Lake what facts we have are obscured 
by the number of different extant ver- 
sions spread like rumours throughout 
the ballet world hy dancers who claim 
.some oracular authority based on their 
connections with participants m the first 
production. 


Fortunately, the steps and floor 
patterns of much of Swan Lake were 
recorded m St Petersburg, and the 
records still exist. (They are preserved 
in the theatre collection at Harvard 
University, the curator of which has 
made them available for consultation to 
the Royal Ballet.) These documents, 
used in Britain for 30 yean; by the 
former regisseur of the Petersburg 
ballet, Nikolai Sergeyev, do not elimi- 
nate divination but do exorcise false 
authority from the work of reconstrnc- 

tl0 We learn, for example, from the 


earliest notations — Swan Lake was 
compiled over some 15 years — that 
Odette first came on stage accompanied 
by a number of child swan maidens 
who went on to take part in the rest of 
the first lakeside scene. Because a 
large school was maintained in the im- 
perial theatres, it was not unusual for 
children to participate in almost every 
ballet performance. For most com- 
panies now, however, providing child 
performers is expensive and proble- 
matical: even if available, they grow 
so fast that casting them for more than 
a few months at a time is impossible. 
Hemce Odette has for decades entered 
alone and it is easy to think she always 
did. Thursday's performance might be 
the first since imperial times in which 
the swan brings her retinue. 

Once the technical side is mastered, 
the problems of re-creatiDg the dances 
of Swan Lake are largely practical and 
relate to the casual attitudes of the 
early Russian notators about their work. 
The assumption seems to have been that 
the records would serve not as a basis 
for reconstruction to the uninformed but 
as an aide m&moire to people who had 
learned the dances already. In theory, 
the system accounted for the movements 
of all parts of the body; but in practice 
only the legs and feet were regularly 
notated. In theory, the melody of a 
dance was to be written down with its 
movement notation, bar for bar; but in 
practice no music -was included at all. 

These deficiencies contribute to a 
third problem, more subtle and possibly 
more critical than the first two: recaptur- 
ing the style and distinguishing the 
spirit of the text from the text itself. 
And what of the music that was played 
when the notators were busy with then- 
pencils? It has never been published, 
nor does the conductor’s score survive 
from the 1895 production. 

The impossibility of reproducing the 
Petersburg Swan Lake in full detail gives 
pause to consider whether doing so would 
be a good idea even if we could. This 
surmise is not inconsistent with the 
contention pursued so far — that as much 
of the music and choreography as can 
be authenticated should be kept— but an 
acknowledgement of the simple likeli- 
hood that, when an audience which has 
evolved for a century looks at a theatre 
work which has not. it will probably 
perceive it as an artifact. Hamlet today 
is the text of Hamlet, not Ophelia acted 
by a boy in a draughty Globe Treatre. 

In Chaikovsky's time, a baVlet was 
identified by its scenario, music and 
choreography. Sets and costumes were 
added to this list with the advent of 
Sergei Diaghilcv's ballets muses because 
the stage art of bis repertoire was so 
dazzling and spectacular; because it inter- 
acted with other components of a ballet 
so effective!}" and because the artists 
who designed it were often celebrities— 
people like Bakst and Picasso. Were 
Petrushka or The Afternoon of n Faun 
being revived instead of Siran Lake. 
there would probably be no thought of 
pre-empting the visual component of the 
original production (although one can 
imagine directors beginning to pre-empt 


it as the style of these once-daring works — 
grows more dated). 

When Petipa revived an old work, new 

sets and costumes were prepared as a 

maltcr of course. In the present circum- 
stances, redesigning the ballet (by 
Yolanda Sonnabend) is therefore not an t 
extraordinary liberty but a matter of , n 
invoking typical theatrical practice at 
the time Swan Lake was new. Then, as 
now, the purpose would be to give 
familiar dances a fresh setting. 

For all its virtues, the Petipa -Ivanov 
version of Siran Lake was in some degree 
a victim of its own circumstances. While __ 
it might be difficult to find a ballerina 
today who matches the physical charac- „f 
tcristics and ability of pierina Legnani 
(the first Odette-T ' '? in Petersburg, h 
thought by some of :er contemporaries 
to be the finest dancer in the world), it 
is a simple matter to find a leading male 
dancer with legitimate claim to greater 
virtuosity than Pavel Gerdt, the first __ 
Prince Siegfried. 

In his prime. Gerdt was a fine dancer 
who was schooled in elegance but ide 
shunned fours rip force. A great popular 
favourite, he hecame enshrined in the 
Petersburg ballet to the extent that in 
his later years — he first danced Siegfried 
at 50 — his stature hindered the advance- 
ment of young male dancers with pre- 
tensions to virtuosity equal to that of 
Italians like Legnani. 

Dancing opposite Legnani in Siran 
Lake. Gerdt was already 3n anachronism 
in 1895. Given the expectations of 
present-day audiences for technical 
display from a male dancer, it would not 
only be a more glaring anachronism 
than before but also bad business and k 
bad art if a producer imposed on his to 
Siegfried limits comparable to what age 
and technique imposed on Gerdt. In 
addition, we have no idea what Gerdt’s 
dances were; they were apparently never 
recorded. — 

For these reasons revivals of Swan 
Lake — beginning with Diaghilev's, in 
which Vatslav Nijinsky danced a varia- 
tion to the Sugar Plum Fairy’s music 
from The Nutcracker — have always 
departed from the traditional version 
in an attempt to give Siegfried some- 
thing bravura to do. Anthony Dowell’s 
rerival will not be an exception. 

Given all the complications of revival, 
what can be said about the new pro- 
duction in its totality ? In matters relat- 
ing to artistic impression, the jury is 
out until next week. In relation to the 
model after which it is fashioned, the 
narrative basis of the new production is 
true. The music and choreography are 
in very large part — one is tempted to 
estimate over SO per cent — in accordance 
with what can be confirmed about the 
1895 production in the present state of 
documentary knowledge. (The other 20 
per cent has mostly to do with Sieg- 
fried’s Dart, for reasons just cited.) 

The fidelity of Dowell’s production to 
the scenario, music and dnnees used in 
St Petersburg might possibly make it the 
most authentic production of Siran Lake 
anywhere. It is certainly truer to its 
model than the recent Bnlshoy Theatre 
production (which makes no pretensions 
to historical revival): and on fine points 
might be argued as truer than the 
present production of the Kirov Theatre, 
wherp Sirnn Lake was first sppti in 1895. 
Could that tv an ironic commentary on 
wbn keeps the flame? 

O Poland John Wilrv is a professor of 
music at the Vnr-ersilii of Michigan, 

Ann Arbor. He is the author of a study 
of Cknikorsk/i’s Ballets and has acted (W 
consuifnnf far the Royal Ballet staging 
of The Nutcracker and the coming Swan 
Lake. 



The Long View 


How to avoid conflicting interests 


¥ 




the FINANCIAL community 
has got itself a bad name at. the 
moment, and on the whole rt is 
■well deserved. In London, 
until now. only one or two male- 
factors hang been identified out- 
side the Lloyds insurance com- 
munity; but nobody believes we 
have heard the last word- 
In Wall Street where senior 
executives of some of the most 
respected investment houses 
Save been led from their 
offices in handcuffs (and in 
tears), it is rapidly becoming a 
guilty untu 

innocent Almwt OT ran*d 
investment banker, rt seems- 
ought to confess, as 
did: “I can resist anything ex 

“^CredgoaW. Poonlo 

have always expected that 

KfiESSS 

SSSsartjg 

was some such 

Stones l»e tros £ ^ easy 
good soap opera « speCtator . 
to become a & ™ to himself 

l* ^ draw a*** 

conclusions. orasp is 

new * dealing, for 

found out In® eve n an 

example, ^ coufl . 

offence JftS h In has never been 
try; and the ban na e drtors 

of muc* harder to 

would find lf |f there were 
an X "Aments tn ^ 
culate about* 


Recent scandals in 
the City, and 
bigger ones in 
Wall Street, will 
mean tougher rules 
in the future. 

But they should 
not frighten the 
prudent investor 
unduly, suggests 
Anthony Harris 

However, it was not in the 
least likely until this year that 
the house through which you 
pu* your own dealings would 
itself be involved in this wnd 
of skulduggery. The insiders 
were outside the market. 

The scandals- matter much 
more now because they confirm 
what many critics of deregula- 
tion had always feared— ^hat 
the conflicts of interest which 
arise between the corporate 
finance division of a house, 
which tries to sell new shares 



at a high price; the market- 
making division, which wants 
to buy them cheap; and the 
broking arm, which is supposed 
to help clients to buy cheap, 
are indeed very difficult to 
resolve. 

Insider dealing is only a 
special case of such a conflict, 
information may leak through 
the Chin ese wall of a single 
house — the rule which is sup- 
posed to ensure that the right 
band does not know what the 
left hand is doing. It may simply 


•CONTENTS- 

Arts: Michael Coveney in Brussels 


XS3 


Books: The la test for businessmen 

Diversions: Wo men with the Midas touch 
property- Not ah developers are tycoons 


xv/xvn 


XIX 


Sport: A bigger grand slam for tennis? 


XXII 


Travel: Gozo . ■ . Malta’s little neighbour 


Arts 

Books 

Bridfe* 

Choss 

CrosBWoid 


xxi 

XX 

IX 

VIII 

XXII 


Divaniom X, XVI I J, XIX Property 


Rnmco & Family IV-IX 

Food XVI 1 1 

Gardening * 

HowTo Spond It XIX 

Motoring X 


XII, XIII Trawl 


Sport 

Stock Marimta: 

London 
- Naw York 
Tokyo 


XIV 


XXII 

it 

tn 

in 

XIV 


pass improperly between two 
independent rogues, who there- 
by damage the. interests of tfieir 
employers and their corporate 
clients. 

The smadl investor, however, 
is not usually a victim. He 
benefits because he is alerted by 
a sudden price surge to the 
fact that he might be about to 
hear something to his advant- 
age. The big investor, such as a 
pension fund, is in much the 
same position, despite the 
Labour Party’s crocodile tears 
on its behalf. 

It is true, of course, that 
ruthless operators have been 
known to manipulate share 
prices in order to create an im- 
pression of good news to come, 
so that they can then unload 
then own holdings: or they may 
spread baseless rumours to get 
the same result. This kind of 
thing has been going on as long 
as stocks have been traded, and 
has nothing to do with deregu- 
lation; so the first rule for the 
new world carries over from 
the old. 

It is blessedly simple: never 
buy or sell on the strength of 
unexplained price movements 
unless you fancy a gamble. If 
you must gamble, do it on the 
buying side: there are 100 
insider dealers for every effec- 
tive price manipulator or 
credible rumour-monger. 

It Is the other threats arising 
from conflicts of interest that 
pose trickier problems. Take, 
for example, tie most basic of 
all problems: who should 
manage your investments? 

In the old days, the small-to- 
rn edium investor who did not 
wish to take a very active 
interest would simply give his 
broker discretion. A reputable 
broker might show something 
a good way short of genius in 
bis choice of stocks but his 
choice was usually pretty 
disinterested, even if it was 
not very clever. Now, with 
single capacity, he could be 
trying to sell his own book. 


_ _ bhim ibihwwh 


You can still seek out an 
agency broker, or an indepen- 
dent investment advisor, and so 
avoid all conflicts of interest, 
and as a result of the latest 
scandals a good many people 
are choosing these courses. 

This has much to recommend 
It in principle; but in practice 
you might well be belter off 
sticking to a tnisted broker 
who has shown good judgment 
and understands your personal 
needs, even if he is now 
employed by some giant all- 
purpose conglomerate. Good 
habits as well as bad can die 
hard. 4V 

Even for the newcomer, the 
biggest of the new conglomer- 
ates may well be the safest of 
all choices. Investing through 
a single-capacity house is a bit 
like shopping; a clearing bank 
or a giant insurance company 
will certainly be striving to 
become a Marks and Spencer of 
the financial world, where the 
choice may not be the most 
exciting available but the 
quality can be taken for 
granted. 

One-stop financial shopping is 
also labour-saving, but 
individual advice will not be 
readily available. The giants, 
then, may well be the ideal 
choice for the people least 
likely to choose them — busy 
people who want to make their 
own investment decisions. 

The greatest care is needed 
where the greatest rewards may 
be available — the specialist 
houses which built up great 
reputations in another age. 
Some of them are now under 
great financial pressure since 
there is not enough business 
to go round in the new City, 
even in a bull market; you want 
an adviser who will worry about 
your problems, not bis own. 

For the small investor, that 
wiH be the most dangerous of 
all conflicts of interest once 
the bull market turns. If you 
follow the astrologer who 
figured here recently, beware 
the Ide* of May. 


All abroad for 
Luxembourg. 




In response to demand from 
investors and their professional advisers 
Oppenheimer announces an attractive new 
offshore investment ^ ^ 

The Oppenheimer Xffe 0 *^ 
Managed Assets Company. 

For the first time those wishing to invest with 
Oppe nheim er can have: 

INVESTMENT MANAGEMENT OFFSHORE with advice 
from onr London Portfolio team which has an established 
record of consistent performance across our range of UJL 
Auth orised unit trusts. 

A LUXEMBOURG BASE with the shares of Oppenr 
hehner Managed Assets Company listed on the Luxembourg 
stock exchange. The Company offers shares in registered or 
bearer form as well as tax efficiency. There is, for example, 
no UJL capital gains tax on switches between Funds? 

AN INITIAL RANGE OF 5 FUNDS for which the 
Company will seek distributor status. 

. ..European Managed 
- Global Income 




Pacific Managed 
Worldwide Recovery 
EASY ACCESS via the Company’s Share Distributor 
in London. The shares will be valued daily and prices 
published in the Financial Times. 

To qualify for the fixed price offer share 
applications must be received by 10.00 a.m. 
on the 30th March 198?; Applications may 
only be made on the basis of the Company’s 
prospectus. For a prospectus call 01-489 1078 
or write to Oppenheimer Securities Limited, Oppcnboisner 
FREEPOST EC4B4HE. 

A nxmer ccocany cf tna 

•Tlris eonatilnto oar BirfenUiiifinsflfCX. tax kpUailon at the pxweoi fine. MacacttHcusoOni?. 



-jr 


j • Sea .Tawm^POoK^bJir^ restaurant. Com- 1 


property rases "ju-ftsy 0031 






n WEEKEND FT 


Financial Times Saturday Marcff 7 i? 8 ^ 


MARKETS 


WAS IT coincidence that the 
FT 100-Share broke the 2000 
barrier in one of the busiest 
: weeks for blue chip reporting? 

In part, perhaps. But the 
market’s rise this week— for all 
the headline-snatching levels— 
made more steady sense than 
some of the voider swings of 
late. . 

“Footsie” itself added a 
gentle four points on Monday, 
15 on Tuesday, another four on 
Wednesday, and then held its 
ground on Thursday. In the end. 
the combination of end-account 
profit-taking and a £295 m Lad- 
broke cash call took their toll. 
IBy Friday night it had dropped 
back to close at 199822. with the 
All-Share 12 points up on the 
week at 9952. 

. A trader, of course, did not 
need to look at the corporate 
news to feel cheerful. First, 
there was the oil price rise; 
Brent crude rose to 917.50 
-midweek, more than one dollar 
up on the levels of seven days 
earlier. 

That was largely thanks to 
Japanese demand and hopes 
that Saudi Arabia will let pro- 
duction fall in an effort to 
maintain prices. By the week- 
end, however, analysts were 
not so sure — indiscipline within 
the cartel has ruled too often 
in the past, and any Opec price 
or quota fixing meetings are 


Good cheer reigns 


. WA62-W0 

FT* . • eB-frrwNs* 

All-Share Index ■ J™, 


still way off. 

Over on the money markets, 
activity was just as frenzied. 
Conviction that an interest rate 
cut is on its way— not least 
because of- the possible election 
implications — has been growing 
apace. Last week, it was largely 
a question of whether the Bank 
of England could stave off the 
pressure until Budget day on 
March 17. 


London 


That, in turn,’ spelt hectic 
trading among gilts dealers 
with a £lbn issue of 9 per cent 
stock selling out on Wednesday, 
its first day's trading. By Thurs- 
day night, the average yield on 
high coupon longs bad slipped 
to. 9.35 per cent — compared 
with just under IQ per cent a 
week earlier. 

Even so, there was the cor- 
nucopia of healthy company 
figures to underlie the bullish 
sentiment. Midland brought 
the banks' reporting season to 
a flourishing close on Wednes- 
day when it disclosed pre-tax 


profits 24 per cent higher at 
£434 ra. That compared with a 
19 per cent increase for the Big 
Four overall. 

Now under file eye of Sir 
Kit McMahon, the former 
deputy governor of the Bank 
of England who became chief 
executive last year. Midland is - 
gratefully shot of the Califor- 
nian Crocker Bank which 
brought losses during 1984 and 
1985. With those proceeds re- 
deployed. analysts now expect 
profits of £52dm-£550m in the 
present year. And on the divi- 
dend front, four, years of 
intertia turned into a 5 per cent 
rise this time; a similar in- 
crease in 1987 would suggest a 
prospective yield of almost 7 
per cent. 

A11 fairly cheerful, apart 
from the capital ratios which 
are weaker than any of the 
other clearers. A rights issue 
— to some surprise — did not 
accompany the results, but most 
bank watchers suspect it can- 
not be far away. Until that is 
out of the way, share price 
progress could be capped. 

For investors, the banks’ re- 
porting season has been better. 


news than that from the in- 
surance companies. Last 
week, it was the turn of the two 
big composites — Commercial 
Union and General Accident — 
to fellow Royal, announces a 
swing from a pre-tax deficit of 
£58.8m to a profit of £119m and 
an advance from £26.5 f\ to 
£1232m before tax respectwely. 

However, for all the obvious 
rebound, the market’s eyes are 
fiimly fixed on the next insur- 
ance cycle downswing.. Rati 
rises on certain US lines — 
'.owraerciai multi-peril, for 
example — are beginning to tail 
away, although personal line* 
are still firming. That, argue 
the aocJysts. could favour the 
business breakdown of GA- 
against the likes of Royal — 
assuming the Scottish comparv 
can staunch its major UK motor 
business with premium bikes. 

No such problems for drug 
companies. News of ihe UK 
Government's approval for pro- 
duction of Retrovir, me anti- 
AIDS drug, added -l«.est 7Cp 
to Wellcom.* at 492p on Wed- 
nesday. putting the shares at 
more than four times the 12flp 
flotation price just ever a year 


m-m 






4 *S3i a Zy.'g W 

, *■: felfep jf- 200 1 

aSiSaaBgia i 


Besides Wellcome and Glaxo. 
F :so ns — which rep'irted a near- 
£13m improvement in pre-tax 
pi ofits at £85.1ra on Tuesday — 
now looks a trifle u.igi amorous. 
So. u spite of pitch '*:g in dead 
on analysts's forecasts, the 
shares shaded 16p to 626p. 

Fisons’ profits improvement 
was split between the pharma- 
ceutical division — where 


Tilade. the new asthma drug, 
was launebed to UK practition- 
ers in January — and scientific . 
equipment. Horticulture eased 
back, thanks to waterlogged 
peat moors. Most asthma- 
watchers reckon it is too early 
to assess the progress of Tilade 
— its profit contribution in 1987 
will be modest — but if £106m 
is in sight for 1987, the shares 
are still on a PE of about 19, 


. 1886 87 


which is probably deserved but 
certainly . no . bargain. 

Over on the. bid front,. the 
vogue for agreed takeovers is 
creating problems of its own 
— namely, leaks. Wcolworih 
-claimed most of . the . attention 
with shenanigans oyer - the 
chemist chain, Underwoods. 
After Underwoods’ shares shot 
to 39p higher at 237p a week 
ago. both' sides, confirmed- the 


talks. Next Woolies announced 
it was off, following- disagree- 
ments over price- Finally, it 
decided to continue- but with 
no likely outcome short-term. 

By Thursday- Underwoods was 
back/at 236p. ^ 

There was similar disappoint- rr- 
ment for jewellery chain Rai- 
ners- — rebuffed by Combined 
English — but probably com- 
mensurate relief at Norcros on 
Thursday’s news that the highly 
acquisitive paper and packing 
group, .Bund, has Sold its 2.6 
per cent stake — which in turn 
pushed lip DRG ' 

. . - Hepworth Centime's hopes of 
snatching Birmid Qualcast, the 
fohndries-to-lawn mowers group, 
were also dealt a blow ■ when 
it was obliged to place 3.5m 
shares, reducing its stake from 
almost' 10 to .42 per cent of . 
BirraiiTs equity. The forced 
sale, followed a breach of rue 
Takeover Code — an oversight 
but still not allowed. 

Cadbury Schweppes, mean- 
while, had its own view about 
misdealings — ; asking for a for- 
mal Stock Exchange inquiry in- 
to trading Yn its s hare s over- 
tbe past four months. The 
Stock' Exchange merel y referr ed 
the matter to the Department of 
Trade and Industry. Nerw. trlcks, . 
it seems* die bard. .- 

NiklaTart , . 


HIGHLIGHTS OF THE WEEK 


BTR bounces back company news summary 


Change 198687 1986*7 
on week high low 


FT O rdinary Index 

British Aerospace 

BP 

Barm ah Oil 

Barton 

Cable and Wireless 
Combined English Stores 

DRG 

Deb ron investment 

Delyn Packaging 

IC Gas 

Jaguar 

Mar ina Development 
~ Warier Estates 

MitcheU Somers 

Palma Group 

-fifie 

STC 

Tavener Rntledge 


1.60L4 + 1.6 1,613.5 1,0942 Strong sterling cools foreign demand 

665 4- 14 689 421 US and Japanese aircraft contracts 

803 +38 826 518 Rising crude prices 

4S2 +23 499 260 Stake-bail ding rtnnonrs 

300 +24 354 242 . Pre-Bndget optimism 

345 -34 394 277 Adverse press comment 

283 +30 299 1 49 Ratners merger invitation declined 

413 +32 4 25 193 Takeover speculation resnrfaccs 

TO - ! +21t 70 42 Deali ngs resumed after cash bid ’ 

365 +90 3 75 80 • Reorganisation of board • 

719 +66 719 273 • TOOp per share tender offer from SHY 

585 —43 632 335 Animal figures fail to inspire 

123 + 27 127 71 Bid approach : 

f lOj — (H £10} 153fr Opposition to football ground develpmt 

175 +15 189 60- Bid from Eagle Trust . . , 

65 1 +16 65* 32 Sharply higher annual profits 

814 +32 824 442 Institutional baying 

260 ■ +30 277 98 Excellent preliminary "results" 

96 +24 96 40 - Good annual results 

t Change based cm price at suspension. 


BTR, the industrial con glome- January on Thursday. The that it is asset value which mat- 
rate, might have suffered an acquisition of Grattan last ters most at the moment Even 
embarrassing setback in Janu- summer, plus the change of a cut in the dividend (and the 
ary when it failed with its year-end to January (from fact that what is likely to be 
takeover bid for PiUdngton August), has left the forecasters paid out will be uncovered). 


TAKE-OVER BIDS AND MERGERS 


Company, 
bid for 


' Value of 


Price Value 


Brothers, but it is esected to more dependent on the dart might not dissuade predators 


bid per . Market before . of bid ■ 
share” price** bid fin’s" Bidder 
Prices In pence unless otherwise Indicated. 


announce a strong set of pre- 
liminary results on Wednesday. 
Uteris should be good growth 


board than usual 
What we can expect to see 
however, is a more detailed 


from its industrial products breakdown between - the for his shares, 
side— BTR’s traditional area of expanded group’s performance GKN had 


who believe that the group as it 
stands is really worth more than 
twice what Ron Brierley paid 


Ang Nordic Bldgs 314“ t 


expertise — but some of 
most impressive figures 


expanded group’s performance GKN had record pre-tax 
but just for the five months—- profits last year following a 


recently acquired consumer 
businesses. 

BTR has done a good job 
turning round Dunlop, the 
ailing rubber products business 
.it took over in 1985, and the 
effects of this should show 
through strongly in these 
figures. Analysts are expecting 
pre-tax profits .of between 
£460m and £480m, against 
£362 m in. 1985. 

The City is more than a little 
confused as to what to expect 


are no pro forma 12 month figures 
more will be given. 


Grattan is expected to pro- 
duce some £14m pre-tax (which 
compares with £92m for the six 
months to January 1986) and 
“ old " Next should better £16m 
pre-tax (against £13.6m for the 
six months to February 1986). 
Hence the expanded group 
should achieve dose to £30m for 
the five-month period. 

In trading terms. Next and 
Grattan appear to have come 
well through a difficult autumn 
season when ' mild weather 


Amcllffe Hldgs 
Avana Group. 
Baker Perkins 
Barrow Hepburn 
Barrow'Hepbnra 
Berisfords 
Burns* Anderson 1 ? 
Chmbrln Phipps 


trough since 1979, bat analysts Berisfords 
do not think the momentum will Burns- Andersoi 
be kept up. Chmbrln Phipp 

Pre-tax profits of about £128m Dataserv 
for the year to December are Debron Invests 
expected to be announced on D* J- Security 
Wednesday compared with 
£132.7m in 1985. Earnings per SS m! pLtIp* 
share will drop slightly from I f 

?ti.6p in 1985 to about 25p or ^ ^ 

26 £- . . FothergOl Brvyl 

Two reasons are given for the Grosvenor Group 
falL First, a drop in the price Grosvenor Group 
of GEN’S car .transmission Hen era . 

Highgate & Job 
~ Home Farm - 


More takeovers from USM 


ONLY TWO weeks ago we Chase Manhattan Bank. From a ' Although interim pre-tax 
mentioned the rare ease of an group worth around £750,000 losses were uprto £103.000 from 
Unlisted Securities Market com- last year, the new Randsworth £96,000, TPS could claim to 
pany buying a main market will be capitalised at around have been one of the USM’s 
st ode. It seems to have started £75m. more successful entrants. The 


Although interim pre-tax 


pany buying a main market 
stock. It seems to have started 
a craze. Randsworth Trust 


.L. and, P . will givejhe. Rands: 


have been one of the USM’s 
more successful entrants. The 
group is highly geared towards 


-which this time last year was ma Hagement an assetTjiiT^'e- second'- half “when' most fitted ~to the issue.” 


languisbing in the deepest 
obscurity, has made an agreed 
£57m offer for London and 


from which it can pursue its 
development ambitions. The 
bulk of L and P’s current 


Provincial Shop Centres, a fully prop€ rty portfolio is office 
Msted property company. a ccomm od at ion in SIou^l 

Ranffsworth came ti 


Randsworth might be a future 


market in December 1981 as candidate for the USM awards. 


Jayplant, a 
plant hire 
history wa 


Huntingdon-based 
contractor. Its 


but this year’s baubles went 
elsewhere at a dinner spon- 


trade fairs and exhibitions The shares were offered at 
occur and its last full year 110p, but slumped immediately 
figures showed pre-tax profits of to 90p and only passed the flota- 
£975,000. a 27 per cent increase tion price this week because of 
on the previous year. a statement from the company 

that a fuH takeover offer was on 

the cards. Without the takeover 
rouTri hardfv nnm possibility, shareholders might 
Sfi^XK T. Jh have had a long wait to recoup 
22 L£ 2 £ ftL 222 . SS their original investment . 


from NEXT when it produces wrong-footed many clothing 
figures for the five months to TetaUers. Next for Men is per- 
■ ; - forming strongly and the separa- 

tion of the ladies wear chains 
•w- m r (Next Too and Next Collection) 

9 I im /U has permitted better targetting 

H I I m/ B of different markets. 

B. J L I 1 y B The ' shop-in-shops lingerie 

and accessories units are also 
thought to nave done well 
Marina came to the USM last although Next Interiors -may 
August and met a distinctly un- hav» had a mixed first five 
enthusiastic response — only 51 months. 

per cent of the shares on offer ULTRAMAR's final quarter 
were taken up, the bulk figures, due to be reported on 
accepted by institutions com- Wednesday, are expected to 
mittedrto the issue." show a third successive net loss. 

The shares were offered at leading analysts to forecast a 


Results due 
next week 


75*fi 

756S 

327 

83$ 

7585 

176t§5 

115* 

125 

183 
72*5 

144 

31985 

151 

184 
1241 
329 

125t§ 
135 1 5 
70* 
. 200 * 
1974 ' 


914$ 585 

203$4 746: 
231- 357.1 

108tt 3.19 
78$t: -:«5' 


113$t 922 


Hwrd & Wyndhmf 18*5 
Imp Coni Gas . 700* 

Imp Cont Gas 710*5 

Jacksons Bnt End 445*5 
Loud <& Nthn Grp 81t 
Loud Park Hotels 781 
MitcheU Somers. 181 i 
Municipal Props £34j§5 

Natmvide Leisure 77jj* 


mechanisms produced in the MitcheU Som< 
US thought necessary to bring Municipal Pr< 
them in line with European Natmvide Let 
competitors. Second, the well N ewboid & Bi 
publicised soggy patch in the 
world market for commercial . 

and agricultural vehicles. ,}^j£ tax 
European markets — which Trade Prom 5 
accounted for 26 per cent of WetternBros 
sales in 1985— are expected to *AI1 cast 
bring good news helped by not already ' 


77J* 

: 76 • . ; 

77 

103 

87 

60 

391§| 

379 

363 

168 - 

164 

107- 

29055 

270J 

217 

182 

195 

175 « 

2675 

254 

251 


289 : Smidth.(F. L-) 

3.75 . Govett Strain Ts 
26389_ -RHM- : - 

130.41 APV . 

27.67 BTP 

2485 . . Yule Cattp V 

9.64 Ferguson Indl 

23.64 Dudley 

4545 Wardle Storeys 
60.13 Ben South Gorp 
17:05 Interface Ovrseas . 

5.S5 Britannia Security 

74620 Brfct & Comm. 

357.66 P&O . 

3;19 Tarmac . : . 

6.35 Tarmac 
4L27 Conriaolds 
7.79 BBA Group . 

8.41 • HoHis 

8.04 Warner-Lambert •' 
£94 - Fraser (Rdbert) _ 
922 " Sutherland (E-T.) 

338 . •. Inter mediate Secs . 
995 SHV 

1.01bn : Tractebel GBL . 

980 BaggeEtedA/S 
90.11 Demerger Two 
39.17 . Mount Charlotte 
2986 Eagle Trust : 

1681 Me rivale Moore 
880 ’ Xnspec E. & E. Grp - . 
483 Black (P.) , 

4283 Marley 

Peek Hldgs 

5L04 . Emess Lifting 
2L18 Heywood Wms 
1588 EMAP 
198 ' RMC ’ 


* All cash offer, t Cash alternative. $ Partial bid. fiFor capital 
not already held, f Unconditional. ** Based on 280 pm prices 


favourable D-Mark rates. But a 6/3/87. tt At suspension. §5 Shares and cash. Related to NAY 


£12m deficit for the year — cam- decline in profits from America to be determined. |[|| Loan stock, tt Suspended. 


undis- sored by Deloitte. Haskins and performance. The shares were A ta ^ eover ^ one of 

tinguisbed until April last year. Sells and the USM magazine, placed in September 1984 at 75p attrartin g attention - a less 

when David Holland, Andrew Chosen as USM Entrepreneur and have never looked back, wholesome method is to nroduce 

NichoUs and Douglas Lowe of the Year was Howard Hodg- reaching a high of 263p last disappointing results. Space 

bought a 10 per cent stake and son of the acquisitive under- month. - - 


pared with net income of £71.6m 
in 1985. 

Making the closing three 
months and the yearly outcome 
worse than earlier predictions 
is an expected £2 Om provision 
to covey the cost of the recently- 
settled liquid natural gas pric- 
ing dispute with Japanese 
customers. 

Aside from this provision the 
final quarter should show an 


joined the board. 

The new directors changed 
the company name- and injected 


taking group, Hodgson Hold- 
ings. . 

The best performing share o£ 


a series of their own .property 1986 , was ^ U b f 1 rt House Invest- 
interests into the group. After “eats— a shell property com- 
- the acquisition of a substantial P an y~ ,an d the best new issue 
' development in the City. ? ve 5, ^ 


Planning Services, a group 
specialising in interior office 


improvement over the previous to 118p. • 


— not helped by the fall in the 
dollar— is expected to more than 
cancel out any gains. 

BBA GROUP, the electronics 
and engineering company, was 
hit by the rapid decline in the 
automotive components market 
last’ year and forced to cut staff 
by 1.000 at its Leamington 
plant In October brokers 
reduced estimates by a third to 
£22.5m and the share price fell 


PRELIMINARY RESULTS 


three months’ £1.5m net loss. 


Randsworth began to attract 

serious attention from the Cannon Stieet 

nroDertv world Investments, the muu- 

properry worm. conglomerate, was voted as the 

Further share issues brought company with the most poten- 


in institutional investors most 
notably John G ovett, which 
swapped a 128 per cent stake 
in Apex Properties for an 
; increased stake in Randsworth 
last month. 

Randsworth does not rule out 
the possibility that it might use 
• its stake as the basis for a full 
bid for Apex in future. 

The bid for L & P. however, 
.takes Randsworth into a much 
> bigger league and would not be 
-possible without the backing of 
an alternative cash and loan 
note, offer underwritten . by 


tiaL 

Awards are by their nature 
exclusive. Most companies join 
the market in a brief blaze of 
publicity and only return to 


the headlines when they sue- companies agreed on a £158m 
cumb to an ambitious predator. purC hase price, nearly four 
A good example is Trade Pro- times TPS's original market 


■ m design, had a quiet debut last However, LNG prices for .the 

lUniOr year. fourth quarter were down just 

3 at qbty it* I,.™, over 311 eighth and Ultramar’s 

Markets JSfJMMS S 

between S5p and 108p although so]d recen ti v 
wm_ -r i it met its ure-tax profits forecast The ’interest in Ultra- 

But the British Jewellery and of £435,000. But this year’s mar fQT of j ast year 

Giftware Federation held a 26 first half saw a repeat of the has ^g prosp ect of a bid. Hon 
per cent stake in TPS and when problems which dogged the com- grierley's group has a 13.1 per 
EMAP approached the BJGF P“F 10 ear, y few cent stake (average buy-in price 

last September, it became major clients cancelled con- 164p j and Rainbow, another 
apparent that the days of inde- tracts and Monday s interim N Zealand group, holds some 
pendence for TPS were num- ^o^c^ sho^ ha^ng 6 cent for abou? 

bered. “ pre-tax profits to £105,000. 130p a $faare) 

EMAP acquired the BJGF The second half is expected to And even though Ultramar 
stake and eventually the two show some pick up and SPS has appears to have returned .to 
companies agreed on a £158m widened ots client base with trading nrofits. analysts believe 


But the British Jewellery and 
Giftware Federation held a 26 
per cent stake in TPS and when 


year. 

Placed at 98p, its shares have 
been stuck ever since in a range 
between S5p and 108p although 
it met its ore-tax profits forecast 
of £435,000. But this year's 
first half saw a repeat of the 
problems which dogged the com- 


EMAP approached the BJGF P“/ In early 80s; a few 
last September, it became major clients cancelled con- 
apparent that the days of inde- tracts and Monday's interim 
pendence for ITS were num- announcement showed a halving 
bered. in pre-tax profits to £105,000. 

EMAP acquired the BJGF The second half is expected to 
stake and eventually the two show some pick up and SPS has 


motion Services, the exhibition 
organiser. It produced figures 
this week, just over two years 
since it joined the USM but also 
only days after it had agreed 
to be taken over by EMAP, the 
newspaper and magazine pub- 
lishing group. 


purchase price, nearly four the acquisition of architects,, 
times TPS’s original market Wells-Thorpe and SuppeL But 


6 per cent (bought for about 
130p a share). 

And even though Ultramar 
appears to have returned .to 
trading profits, analysts believe 


Dr John White, managing 
director, faced criticism for not 
sounding a warning earlier: 
BBA’s £69m rights issue in Sep- 
tember bad been 94 per cent 
taken up at the cash call price 
of 190p. 

Analysts have followed suit 
in cutting their forecasts for 
Tuesday’s 1986 figures by 
around a third, to between 
£22m and £24m. But they are 
more optimistic for 1987, 
expecting a figure closer to 
£36m. BBA should halt its 
losses at AP and produce strong 
performances from its US and , 
West German operations, they 
sav. 1 


capitalisation. 


figures 


Company 


Another company whit* has shares, on a prospective p/e of 
attracted predatory interest is around 19, looking fairly vulner- 
the Marina Development Group able. Any slippage and SPS 
which this week showed that could quickly attract the atten- 
even the most disastrous issues tion of a predator, 
can eventually reward the D ua:« r< | 

dogged Investor. Philip Coggan | Toy. 


FINAL DIVIDENDS 


Baataon Clark 


INTEREST RATES: WHAT YOU SHOULD GET FOR YOUR MONEY 


BSR International 


Quoted 

rate % 


Compounded return 
for taxpayers at 
29% 45% 60% 


CLEARING BANK* 

Deposit account 

High Interest cheque 

Three-month term 

BUILDING SOCIETYt 

Ordinary share — 

High interest accea 

High interest access 

High Interest access 

High Interest access 

90-day 

90-day 

NATIONAL SAVI NGS 

investment account 

Income bonds 

32nd Issue* 

Yearly plan 

General extension 

■ MONEY MARKET ACCOUNTS 

Money Market Trust 

Schroder Wagg 

Provincial Trust 


BRITISH GOVERNMENT STOCKS6 

7.75pc Treasury 1985-88 

lOpc Treasury 1990 

10J25pc Exchequer 1995 

3pc Transport 1978-88 

28pc Exchequer 1990— 

Index-linked 19905 


too 

7.75 

880 

880 

8.75 

8.75 

9.00 


Frequency 

of 

payment 


monthly 

quarterly 

quarterly 


half yearly 

yearly 
yearly 
yearly 
yearly 
half yearly 
half yearly 


yearly 
monthly 
not applicable 
not applicable 
quarterly 


half yearly 

monthly 

monthly 


half yearly 
half yearly 
half yearly 
half yearly 
half yearly 
half yearly 


Amount 

invested 

£ 


2,500 minimum 
^500-25,000 


1-250,000 
.500 minimum 

2.000 minimum 

5.000 mini mam 

20.000 minimum 
500-24,999 

25.000 minimum 


5-100,000 

2,000-100,000 

25-5,000 

20-2OQftnonth 


2800 mfnJmum 
2,500 minimum 
1,000 minimum 


Camant Roadstom 


Withdrawals 

(days) 


Edinburgh Fund Managara 
-European Horne Products 


Ladbroka Group .. 
Liidlsv* Thomson 


New Dsrian Oil ... 
Novo Induatri AS 


Shiroa Invsatmania 


T and S Stores 


* Lloyds 

tax, wed 



rate - 1 PaW after deduction of composite rate 

... \ gross - 3 'ax free. 4 Dividends paid after deduction of basic rate tax. 





nVTERIM DIVIDENOS 

Anwoods - Mends v 1.2 3.7 

Beinm Group Wnrfnasday 2.0 2.2 

British Car Auctions Tuesday 1.K 3 0 

British Telecom Thursday* 4.5 3.3 

Bryant Holdings Monday 1.2 2.5 

Csla Wednesday 6 n 12,5 

Continental Microwave Mnnd«v 0 9 1.4 

Lvaandar Potrolgum Thursday — — 

Miichall Celts Thundav i.s — 

Miicklow, A and J Wednesday 2 4 3 Q 

Nevt Thursday 1 .3 3.7 

Parker Knoll Monday 4.0 8.0 

Precious Metals Trust Wednesday — o. 1 , 

Prestwieh Holdings Tuesday 0.3 OA 

PeliaMe Properties Monday 1.2 3.2 

Shsndwlck Mnndaw 12 3n 

Strong and Fisher Monday 3.0 B.O 

Trafford Park Estates W-dnasday 4 0 8.0 

Wolsalsy Group Tuesday 3.5 8.0 

* Dividends srs shown net psnee o«r shirr end am adjumeri for any inter- 
vening scrip Issue. t Per share gross. t Thra a -quarters figures. 


Announce- 


Dividend (p)* 

ment 

Last year 

This y« 

due 

int. 

Final 

Int. 

Ffidey 






Mondeyt 

5.0 

22.5 

1.7 

Thursday 

1.5 

3.5 

1.7 

Tuesday 

0.8 

1.2 

1.0 

Monday 

3.3 

4.2 

3.3 

Wadnssdsy 

— 




Tusadey 

— 

3.5 



Monday 

0.5 


1.0 

Monday 

3.1 

3.5 

3.7 

Monday 



m. 


Monday 

0.38 

1.31 

0.43 

Wednesday 

3.6 

4.7 

3.5 

Thursday 

3.6 

S.7 

3.8 

Wednesday 

IT 

20 

1.3 

Thursday 

3.4 

S.4 

2.6 

Monday 

20 

4.0 

2.5 

Thursday 





Tuesday 

1.1 

20. 

1.3 

Wednesday 

4.5 

7.6 

5.0 

Wednesday 

0.4 

2.3 

1.0 

Thursday 

6.0 

6.2 

5.6 

Monday 

1.2 

2.5 

1.4 

Tuesday 

.1.5 

4.2 

2.0 

Monday 

_ 

3.2 

1.7 

Wednesday 



OJ 

0.6 

VMednasday 

— 




Tuesday 

— 

1.5 



Tuesday 

0.2 

9.6 

0.2 

Monday 

1.7 

3.5 

2.T 

Monday 

1.5 

3.6 

1.6' 

Wednesday 

— 

0.1 


Tuesday 

. — 



__ 

Tuesday 

- — 

.. 

____ 

Thursday 

0.6 

• 1.7 . 

0.7 

Mondeyt 

tE.7 

3.0 

3.0 

Wednesday 

1.0 

2.0 

2.0 

Monday 

1.2 

U 


Thursday 

3.0 

10.1 

3.7 

Wednesday 

4 0 

6.5 ■ 

2 J3 

Wednesday 

1.0 

1-4 

1.2 

Wednesday 

>— 

_ 


Tuesday 




08 

TussdBv 

1.0 

li 

1.3 

Thursday 

— 



Monde v 

1.2 

3.7 


Wednesday 

2.0 

2.2 


Tuesday’ 

1.6 

30 


Thursday* 

4.5 

3.3 


Monday 

1.2 

2.5 


Wednesday 

60 

12.5 


Mnndov 

09 

1.4 


Thursday 

— 



Thursdev 

1.5 




Wednesday 

24 

3 Q 


Thursday 

1.3 

3.7 


Monday 

4.0 

8.0 


Wednesday 

— 

0.5 


Tuesday 

0 3 

0.5 


Monday 

1.2 

3.2 


Mnrsdnv 

1 2 

3 n 


Mnnrfav 

3.1) 

6.0 


Wednesday 

40 

8.0 


Tuesday 

3.5 

8.0 



Company _ to 

Allied Plant Dec 
AMSInd Nov 

Barker & Dobson Dec 
Blagden Dec 

CommUnion - Dec 
Corah Dec 

Crowther J. Dec 
Dares Est Dec 

Fife Indmar Dec 

Fisons Dec 

Forward Trust Dec 
Gen Accident Dec 
Greenwich Cable Aug 
Hawley Group Dec 
Heywood Wms Dec 
Hooter Dec 

Jnstem Dec 

Jaguar Dec 

Jebsens Drilling Dec 
Johnstones Paint Nov 
Kode Inti Dec 

Law Debenture Dec 
Lex Service Dec 

Lloyds Bank Dec 
Lloyds Bowmaker Dec 
Mercantile Credit Dec 
Microvttec Dec 

Midland Bank Dec 

Mount Charlotte Dec 

Natmvide Leisure Oct 
Newage Transmsn Dec 
Nichols J (Vimtd) Dec 
Palma Group Dec 
Powerline Inti Dec 

Provident Fin Dec 

Radius Nov 

Sale IMney Nov 

St Modwen Nov 

Sedgewick Dec 

Shell Dec { 

SPP Dec 

STC Dec 

Task Force Nov 

Tavener Rutledge Dec 
Tech For Business Dec 
Tem Gal Hwsbrgr Dec 
TI Group Dec 

TKM Dec 

Tribble Harris Li Nov 
Unilever Dec 1 


Pre-tax profit 
..(£ 000 ) 


Earnings* : Dividends* 

ru>r fn) • ' . 


1,650 (L480) 2.4 
2860 (3,070) 48 
4,150 (7800)L 78 
6,000 (3,500) 128 

119,100 (58800) L 38.7 


(SOT) 

(6500) 

m 

(318) 


per share (p) 

(1.7) LO 
( 68 ) 15 
/C—> LO 
(8.0) 78 
.(— ) 13.0 
(0.7) 4.0 


4.6 (0-7) 4.0 

15.7 (10.4) 3.5 

— {— ) — 


85.100 (72,300) 27.5 (248) 6.5 (5.4) 

41,400 (40,500) — (— ) — (— ) 

123800 (26,500) 60.5 (20.5) 28.0 (2L0) 


(916)L — 


53800 (33,000) 
7.820 (5,530) 


(-) — 
(—) — 
(— ) 7.7 


(L050) 22.0 <158) .3.0 


816 (760) 1L8 

120800 (121800) — 

57.900L (25,Q0Q)L — 
2.050 (1.540) — 

2,130 (457) 23.7 

3800 (3,000) 9.9 


1L8 (118) 2.5 
— <—} 9.5 

■ — (—I — 


(_) 4.76 (4.75) 

(5.0) 13.0 (5.0) 

(8.1) ■ 7.5 (68) 


26,000 (23,600) 178 (17.6) 10.6 (10.fi) 
700,000 (561,000) S78 (67.0) 1S.0 (14.0) 


65,700 (47,900) 
85800 (50800) 
1,150 (L150) 


(— > — 
— 

(2.7) 18 


434.000 (351,000) 

— (— ) 

27.0 

(25.5) - 

18.640 

(16D60) 

68 (68) 

1.6 

(L4) - 

841 

(762) 

48 (88) 



(L5) 

1.530 

(800) 

— f— ) 

1.0 

(— )‘ 

5,920 

(4.850) . 

20.6 (163) 

7.0 

(6.0) 

1,750 

(613) 

68 (18) 

2J 

(2.0) 

1.640 

(1^80) 

• «- (— ) 

— 

(— ) 


22860 (23.720) 298 (28.3) 13.0 (108) 

1,500 (991) 10.0 (78) . 3.0 (— ) 

5,170 (3000) 198 (16. 7) 8.0 . (68) 


Dec 135,500(122.000) 210 (15.0) 8.0 (— ) 

Dec 5,700.000 (9,500,000) - — (— ) 43.0 (35.0) 
Dec 2.830 (2,740) 10.6 (11.7) 5.2 (2.0) 

Dec 134800 (11,400) L 15.9 (— ) 4.5 (— ) 

Nov 642 (342) 78 (3.7) 18 (— ) 

Dec 218 (28) L — ■ -(—)•' 1.0 (— ) 

Dec 9.820 (8,430) — (— > 5.4 (4;6)- 

Dec 28.000 (— ) — f— ) _ (—) 

Dec 43.400 (30,600) 46.7 (29.6) 16.0 038) 

Dec 22,000 (4.400) 98 (28) 08 (— ) 

Nov. 180ft. (464) 6.0 (3.0) — ..(—): 
Dec L140.000 (916.00Q) : 1778 (138.0) 508 (388) 


INTERIM STATEMENTS 


Company 


Half-year 

to 


Pre-tax: profit 
(£ 000 ) 


Astra Ind Oct 

Britannia Sec Dec 

. Casket S. Dec 

Consolidated Gold Dec 

FI extech Nor 

Frogmore Est . Dec 

Galuford Dec 

Green, Ernest Dec 

Haggas, John Dec 

Highland Elec Oct 

Hlghpoint Nov 

JarvteJ.de Sons Sept 

Lawtex Dec 

Macro 4 Dec 

Wedmlnster Dec 

Memcom Inti Oct 

New Cavendish Dec 

Microfilm Rcpro Dec 

Regen tcrest Oct 

Sin daire W. Dec 

Space Planning Dec* 

Star Computer Dec 

Synapse Jan 

Totten bam Htspr Nov 

Trade Promotions Dec 

Unlgroup ' Dec 


56 
2,030 
1.060. 
39,700' 
373 
8800 
2,000 
767 
1,730 
575 
401 
226 
134 
. L710 
383 
742L 
143 
1830 
42L 
552 
• 305 
331 
- 337 
1.180 
. 1Q3L 
356 


; (130), 
(S67) 

' (772) 
(— ) 
0,450) 


<1.540) 
(590) 
(1.470) 
(513) 
<321) 
OS4JL 
. (341) 
(530) 
.(296) 
(18301L 
(58) 
(5C8) 
(22) L 
(129)L 
(2f5) 
(30) 
( 201 ) 

■ (— ) 
(96) L 
(213) 


interim dividends* V - 
per share (p) . 

. 

0.7 . (0£), 

-.li jor ; _£08> .. 
‘9 8 (88) . 

— • ■(-)•- 

- 2.1 . <L9> 

18 . (L0) , ...» : 

18. 

2.0 (— ) 

LO j(LQ) ; ; 

.. L7 ... (1.7) . 

7.o : (— > • 

1j 0- (L0) lie 

. 2.7 : (28) 

m 

. (rr) 

L0 ■ (L0V 

• — r^) j 

18 0.4) -. .-' 

-1.2 •{—>> ' 

■+- 


Unlgroup Dec 356 (213) 

(Figures in parentheses are for the corresponding period,) l .. .. . 
* Dividends are shown net pence per share, except where 's:;*' 
otherwise indicated. L Loss. . •• v - • • •••-/- / 


WEEKEND FT HI 


!jyr»^ rv - Jj -'•‘\ ■' 

7i * ^ ^ " ,«-•*■** f^r *'**\r ': M ‘* ’ -,c 1 " — ■ « ••-••_•—.•• j - 




; .'Financial Times Saturday lUrcli 7 1987 


• V , Qo lies» 

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p ttUS n rJ 5 happ. 

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'*ZrtS&\ 
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t-flusrrv 

» har* *&* 


1ARY 




es hit records 
GM buyback 


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5 •.••.■■ iji ! i 

.*■■!> 


‘ HAVING SURVIVED some bad, 
'■•■ or indifferent news for a couple 
of -weeks, the US equity market 
- was just waiting for a chance 
■:t to break away. It got the chance 
. on .. Tuesday : but from an 
■-. unexpected quarter. 

- Just after the- market closer. 
...■General Motors, announced it 
!:■ .would buy back a fifth of its 
■'■■■■ oustanding common stock over 
•'.: the next four years to increase 
’ returns to shareholders. 

" : On' "Wednesday. GM common/ 
7 which ' has not changed much 
“•P ; -since' the 1960s. jumped $32 to 


Wall Street 


;/ $79}' and the entire market 
' rallied, pushing . all the main 
indices to records. 

There are all sorts of reasons 
?»*■■ why the GM announcement 
might be good for the stock 
' ~ market The market seemed to 
^•be saying on Wednesday that 
if the world’s largest industrial 
company thought stocks were 
cheap and would commit $5bn 
' ' to them, how was tunble Wall 
Street to disagree. 

GM has always been some- 
— thing of a bellwether in cor- 
porate -America, and the market 
was bound to welcome such an 


WHEN THE price of oil falls by 
; ..-half and becomes so volatile 
that blind uncertainty prevails, 
dismal results from any com- 
pany that has anything to do 
with oil are to be expected. 

' So how did Shell, one of the 
biggest oil companies in the 
world, manage to come through 
the. black year of 1986 appar- 
ently unhurt? On Thursday it 
! announced profits for the year 
up by 8 per cent: £1.5bn added 
to its cash mountain, and with 
unexpected generosity declared 
a 31 per cent increase in its 
final dividend. 

Shell, like all other major oil 
tympanies is a consumer of oil 
. ‘as well as a producer, so the 
7 damage that the fall iii price 
'--does to production is offset 
partly by the benefit to its re- 
. fineries and marketing busines- 
• ses. 

The effect is not a perfect 
balance, and - oil companies 
would much prefer to see oil 
prices both high and stable.' 
However, when crude oil prices 
are falling quickly, the majors 
find that they can keep some 

*> ■ ' •■ » " ' ~ y ' - II 

• j i' ' *■ 


example, if belated, of concern 
for shareholders* wealth. Some 
people were also hoping that 
GM might set off the sort of 
wave of equity retirements that 
helped buoy up the market last 
year. 

Before the buyback announce- 
ment, GM common stock was so 
depressed that it was trading at 
a discount to book value. It is 
- probably. cheaper for GM to buy 
' shares in its own car plants in 
the stock market than to spend 
money on building new ones. 

In addition, falling interest 
rates have made GJ>Ts capital 
structure inefficient. Before the 
buy-back announcement. GM 
common was yielding 6.7 per 
cent on a $5 dividend while the 
three-month Treasury Bill was 
yielding 5.53 per cent GM. 
while a dismal equity invest- 
ment, is a very good loan asset 
and can probably fund the buy- 
back at little more than 1 per- 
centage point above T-bill rates. 
Scott Meriis, of Morgan Stanley, 
points out that interest is 
charged to pre-tax income and 
dividends to after tax earnings 
so that in effect GMi s borrow- 
ing at under 5 per cent to cancel 
shares costing 6.7 per cent to 
service. 

GM should have bought back 
these shares some time ago. The 
market had second thoughts 
about GM on Thursday, dipping 


Before the move 
was announced, the 
company's stock 
was so depressed 
that it was trading 
at a discount 
to book value 


half its gain back to S 78, but 
not about the generality of 
stocks. The main indices 
climbed to new records. This 
seems a bit perverse because 
the bond/stock yield relation- 
ship, favourable to purchasers 
of GM shares, is reversed on 
the industrial index. . 

The Dow Jones Industrial 
Average yields 2.9 per cent. The 
Treasury long bond yields 7.4 
per cent. At those rates, an 
investor could gain a 15 per 
cent total return if long interest 
rates drop just half a point, 
pushing the price of the bond 
up. To match that, an investor 
in the Dow would need a 12 per 
cent rise in the index, which 
would take it through 2,500. 

For technical analysts such as 


MARKETS 


Dow Jones 
Industrial Average 


FEBRUARY 

1987 


Greg Seagle at Gruntal, this is 
exactly where the market is 
going, and “'probably by early 
fall." He sees the rise of Wed- 
nesday and Thursday as a re- 
sumption of the upward trend 
which was temporarily dissi- 
pated on January 23, when the 
market moved over 100 points 
in unprecedented gyrations. 

Even fundamentalists such as 
Jeffrey Applegate, investment 
strategist al E. F. Hutton, are 
untroubled by the yield differ- 
ential. “If you had followed 
bond/stock yield spreads, you 
would have missed the entire 
bull cycle. Really they were 
telling you that bonds were a 
screaming buy, not that stocks 
were a screaming sell." 

Applegate does believe that 
dividends will rise to close the 
gap with bonds, but not be- 


cause stock prices will fall. Like 
many on Wall Street, lie be- 
lieves that corporate earnings 
and dividends will at last rise 
this year. 

For the record, it is worth 
pointing out that the Dow last 
yielded under 3 per cent in 
January 1973, the peak of the 
last bull market. Applegate 
and others argue that things 
were different then, with in- 
terest rates and inflation rising 
sharply and clobbering t&e 
valuation. But it makes you 
think. 

MONDAY 2200 {- 3^2) 

TUESDAY 222632 ( + 6.05) 
WEDNESDAY 2257.45 (+30.93) 
THURSDAY 2276.43 ( + IMS) 

James Bach an 


Black gold weathers the storm 


of the advantage to themselves 
for a while before passing it on 
to the final consumers. 

That happened during the 
first half of 1986, and is the 
major reason for Shell’s im- 
proved profits for the year as 
a whole- The “downstream” 
(refining and marketing) results 
for the second part of the year 
were nothing -like as good, 
although a large advance on 
recent years, when the industry 
had continuously bleated that 
returns were far too low. 

Deciphering the results is not 
easy. In addition to multiple 
breakdowns of profit into 
assarted, categories, the figures 
are drawn up in two different 
ways. 

The reported profit figure, 
which for 19S6 showed a 
decline of 16 per cent includes 
profits or losses on oil stocks. 
The ‘‘current cost” figure. 


which rose by 8 per cent is 
regarded as more telling, as 
more telling, as stocks are 
valued at current prices, 
giving a more up to date 
picture of the company. 

Shell shareholders were well 
pleased by Thursday's news. 


Commodities 


particularly with the " huge 
increase in the dividend. The 
reason for this fat payout is the 
link between the sterling divi- 
dend paid by Shell Transport 
and Trading and the dividend 
paid in guilders by its sister 
company Royal Dutch, which 
usually means that the dividend 
in the weaker currency shows 
the larger increase. 

Although this could tell 


against Shell T & T next year, 
shareholders did not seem to 
mind, especially as the com- 
pany was making such encourag- 
ing noises about the future. 

According to Peter Holmes, 
Shell Transport’s urbane chair- 
man. 1987 will be a better and 
altogether calmer year for the 
industry, with a strong chance 
that Opec wil lsucceed in peg- 
ging oil prices at $18 a barrel. 

The market seems to agree 
with Holmes. Since Monday the 
oil price has risen by nearly 
$1.50, and the whole oil sector 
has moved up by more than 5 
per cent. A week ago investors 
were at best agnostic about 
Opec’s ability to hold its present 
production agreement together; 
now the market is full of hope, 
and is taking more seriously the 
tough talking by Opec members. 

The reaction of the stock 
market to the latest turnabout 


in oil prices is unusuaL Prices 
of smaller oil companies 
involved only in oil exploration 
and production should be 
particularly sensitive to any 
shift in the oil price, leaving 
more sedate movements to the 
majors. However, over the past 
six weeks it has been the majors 
that have been both setting the 
trend and outpacing the smaller 
independent companies. 

This js partly because the 
majors’ results have clouded 
th e i ssue. The oil market’s 
creeping pessimism during 
February, when the oil price 
fell by about $2 and the sector 
lost more than 10 per cent 
relative to the market, co- 
incided with some disappointing 
results from BP. Within a few 
weeks, both shares came thump 
ing down by over £1. under- 
performing the market by about 
20 per cent 


TSE’s 

record 

surge 

■* IT’S NOT total insanity — It’s 
just excessive enthusiasm,” is 
how Michael Ryan, research 
director at Vancouver-based 
Pemberton Securities, " politely 
describes Investors’ headlong 
stampede on the Toronto Stock 
Exchange. 

The TSF 300 composite index 
has surged to new records on 22 
separate days since January l. 
It stormed through the 2,600 
mark last Thursday, bringing its 
rise so far this year to more 
than 16 per cent. 

Far from faltering, the rate 
of climb has accelerated. The 
TSE 300 has gained 4 per cent 
in the past week alone. 

Experts have no shortage of 
explanations to offer for the rag- 
ing bull market — even if they 
do sometimes seem to contradict 
one another. Patrick Mars, res- 
pected mining analyst at Alfred 
Bunting and Co. ascribes the 
popularity of gold shares to re- 
newed fears of inflation. Brazil's 
deb: problems and the enormous 
budget deficits overhanging the 
US and Canadian economies. 

On the other hand. Michael 
Graham, director of Merrill 
Lynch Canada’s investor sup 
port group, argues that the 


' Unlike Shell, BP made almost 
no money from refining and 
selling oil products during the 
last quarter. This rattled some 
into thinking that the happy 
times downstream for the in- 
dustry were over, and a return 
to the unprofitable and competi- 
tive conditions of the early 
1980s was on the way. 

However nobody now takes 
this view too seriously. As 
Hobnes pointed out this week 
the whole industry has con- 
tracted so sharply over the last 
few years tiiat almost whatever 
the crude price does, down- 
stream profits are likely to be 
entering better times. . 

The fall in the majors’ share 
prices -went- too far. Despite 
BP’S slightly stingy increase in 
its dividend, at the bottom 
investors suddenly noticed that 
Jt was. yielding twice as much 
as the market and a rally 
started. This coincided with a 
rise in the oil price, and more 
than respectable results from 
Shell, It has been a most profit- 
able week for oil investors. 

. . Lucy Keilaway 


Toronto 

Stock E xc ha ng e 

Composite 

Index 


entire market is benefiting from 
“ massive secular changes in 
recent years — the cheapening 
of the Dollar against other bard 
currencies, tbe subduing of 
inflation, tbe collapse of world 
oil prices." According to 
Graham, ‘ we are encouraged by 
1987 prospects in an emerging 
investment-led, earnings-driven 
climate.” . 

Foreign investors are drawn 
by Canada’s political stability 
and steady currency. Pools of 
domestic capital are bottled up 
locally by rules which allow 
pension funds and- other insti- 
tutions to invest no more than 
10 per cent of their .assets in 
foreign markets. 

“With the Canadian economy 
stuck to' tbe US’s coat tails, the 
TSE normally follows trends on 
Wall Street. But the resource 
base of Canadian business 
makes the Toronto market 
much more volatile. 

Gold, forestry and base metal 
stocks have thus . been this 
year’s star performers. They 
were joined last week by oil 
and gas shares responding to 
Opec’s attempts to support 
crude oil prices. 

Forest products is one of the 
few sectors where surging 
share prices are clearly justified 
by a rosy business outlook. 
Macmillan BloedeL the big 
West Coast timber, pulp and 
paper producer, "tripled its 
earnings last year and expects 
a further advance -in 1987 as 
pulp and. newsprint prices 
advance. Macblo's share price 
has jumped from C$40 to C$69 
in the past two months. . 

By contrast, the. popularity of 
gold shares seems to rest more 
on hope than reality. While the 
bullion price .has barely moved 
in the past few months, the 
value of Canadian gold equities 
has soared by a third, taking 
them to levels last seen in the 
heady days of early 1980 when 
bullion climbed above US8S00 
an ounce. 


The TSE gold index now- 
trades at a multiple o£ 50 times — 
earnings, compared to the rela- 
tively modest P/E ratio of 20 
for the market as a whole. h 
The most sought-after gold 
shares are those with institu- 
tional appeal — well-managed 
companies which own several 
mines and whose shares are 
easily traded. ““ 

Echo Bay Mines and Placer 
Development (which are ranked ide 
16th and 18th respectively by 
TSE market capitalisation) are 
among the favourites. Placer's 
share price has zoomeif from 
C$30 to C$41 since the begin- 
ning of the year. 

. The stock market may. be 
early proof that what’s good 
for gold will be bad for the 


Toronto 


hanks. Bank shares are among 
the few sectors where caution 
still prevails. 

Canada’s six big banks have __ 
lent C$7 .lbn to Brazil plus hefty 
amounts to troubled domestic 
energy producers. The share 
price of Bank of Montreal, 
.which has the biggest exposure 
to Brazil, sank from C$37.12 to 
C$33.62. after debt-servicing 
payments were suspended- last 
month. It has only partially 
recovered. 

But the consolation for the 
-banks may be that having risen 
more modestly than the 
resource companies. their 
shares are less vulnerable to 
a sharp setback. 

After spelfing out ajl the 
reasons why gold stocks have 
spurted ahead, Patrick Mars at 
Alfred Bunting none the less 
concludes that prices “hare 
gone over the top. I can’t 
justify them at these levels.” 


Bernard Simon 


on 



After7 successful years MONEY 
OBSERVER, has more subscribers 
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. Every month it offers an 
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In the March issue, you’ll find 
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Buy MONEY OBSERVER this 
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0+* X Apt 


77 78 *79 ’80 ’81 *S2 ’83 '8* *85 ’86 

Throgmorton Trust Total Retum%fennum. 

’Investment Trust size weighted average. 


Hie success of the Throgmorton Trust in 
investment management is easy to chart . 
Over the past ten years we’ve consistently 
bettered the average investment trust per- 
formance. And we continue on an upward slope. 

It’s our unique approach to investment 
management that is the key to our success. 
We take an especial interest in smaller com- 
panies, and carefully test their potential 
through independent research and by gaining 
a close working knowledge of the company 
concerned. 

Mafowg investment decisions in this way is 
a policy we aim to continue: As our Chairman, 
in his statement from our latest Annual 
Report , says: 'Throgmorton’s enthusiasm for 
the longer term merits of small companies 
remains undiminished. By continuing this 
policy we hope to combine the advantages - 
of above average capital appreciation with 
a worthwhile and growing stream of dividend 
revenue! If you’d like a copy of our recently 
published Annual Report & Accounts for 1986, 
please fill in the coupon below. 

Please send me copy(ies)of thcThrogmorton 
Trust 1986 Report and Accounts. 

Name 

Address 

Throgmorton investment Management, 
Dept TRA1, P.O. Box 58, FREEPOST, 
Leatherhead, Surrey KT22 OTD. FT7 

THROGMORTON 

Investment Management 


— C HN.NG INVESTOR S H O U L D B E TXIHOUI T7 


re<w<ini nim iim»» ■*— — ^ — -| Sea retiarjni^ Co m - f | 


■ Ftoffcnv raises yi-iwy 003 1 







FINANCE &THE FAMILY 


'WTi ’‘■Jr-*'! 


Amid great excitement the 
new Murray Olympiad fundbuxstout 
of the starting Wockson24 January. 

Ifs aim: to be the top performing 
international unit trust 

True to form, this exciting 
investment opportunity has 
excelled itself in the Financial 
Olympics, attracting over ‘ / 

£20,000,000 in its first month. • >' v 

Designed to exploit 
stockmaiket opportunities 
worldwide, Murray Olympiad is 
actively managed to move money 
quickly among investment markets in 
the United Kingdom, Europe. United 
States, Japan and Far East 

What's more, Murray Johnstone 
w01 maintain vigorous scrutiny of 
these markets, by personally visiting 
80%ofaUthecompamesmvrinchwe 
invest 

murmtA 

OLYMPIAD 

Combining this versatility with 
an 80 year trackrecord of investment 
expertise, Murray Johnstone-with 
£3. 4 billion in ft mds under 
management- have formed an 
impressive list of contacts worldwide. 

Nbwyoucanbenefitfromour 
success. Ring our unit trust dealers on 
0800 833525, or complete and send 
the coupon to us with your cheque, 
including your name and address on 
the reverse. The minimum 
investment is £500. 

With£20,000,000 in its first lap, 
Murray Olympiad looks like 
® becoming an investment 
opportunity of marathon proportions. 





The Sids who bought gas should branch out, a d vises Nikki Ta ft 

Converts of another persuasion 


DO YOU fancy the stock market 
bat worry that moving savings 
from a building society would 
mean a loss of income and 
security? 

The problem is common, and 
helps explain why — when 
privatisation has boosted the 
number of share owners to 
over eight million — only one 
million investors have stakes in 
more than three companies. 

It is surprising, then, that 
no one teUs the more committed 
Sids about convertibles. These 
stocks pay a fixed rate of 
interest for a given period, 
after which they are redeemed 
at par (usually £100). However, 
before that date, investors are 
given the option to switch into 
a pre-set number of ordinary 
shares. Alternatively, they can 
at any stage sell their stock in 
the market. 

Because of the fixed Income 
element, the price of conver- 
tibles is usually less volatile 
than that of the ordinary shares. 
That gives some protection if 
the company’s profits picture 
suddenly clouds (though, con- 
versely, less exposure to unex- 
pected good news). 

For small investors, it may 
all sound rather esoteric. Yet in 
the context of the stockmarket 
1 generally, convertibles now con- 
stitute a ffibn segment, which 
is roughly the capitalisation of 
the Unlisted Securities Market. 
There are some 380 stocks to 
choose from — about one-sixth 
of the number of main market 
shares. 

Best of all, a recent wave of 
new convertibles has come 
1 from companies everyone 


knows, largely because the bulk 
of these issues have been bid- 
related. Hanson Trust gave the 
market a giant boost when it 
issued fl^bn-worth of con- 
vertible stock in conjunction 
with its bid for Imperial Group 
almost a year ago. Before that, 
the largest single stock was a 
previous £l80m Hanson offering. 

Other smaller, bid-inspired 
issues have emerged from 
Guinness, Burton, Storehouse, 
W illiams Holdings, and most 
recently. Ward White. Had the 
Lloyds Bank bid for Standard 
Chartered gone through last 
dimm er, the first bank con- 
vertible would have hit the 
market 

So how does the private in- 
vestor tackle convertibles ? 
First realise that they come in 
different shapes and forms. The 
basic choice is between loan 
stocks (which are redeemed at 
a set date) and preference 
stocks (which, unless they spe- 
cifically say they are redeem- 
able, simply convert). 

In practice, this makes little 
difference to marketability or 
popularity but the coupon on 
loan stocks is quoted gross and 
on convertible preference, net 
— a source of endless confusion 
for the unwary. 

The key tn picking the 
" right " convertible is to 
concentrate on the underlying 
shares. “Never buy a conver- 
tible in a company you don’t 
likp." warns one pro. 

For small investors, that 
usually means deciding on a 
company first and then checking 
••■‘'ether a convertible is avail- 
able if the yield appears 
dispiritingly low. Alternatively. 


you can run down a list of 
convertibles, and then check 
out the underlying company’s 
credentials. 

The relatively higher cost of 
a convertible is tagged " the 
premium ” and normally 
expressed in percentage, terms 
as the difference between, the 
conversion price and the 
current underlying share price 
divided by that share price. 

That sounds more compli- 
cated than it is. Take the Ward 
White 6 per cent convertible re- 
deemable preference shares, for 
example. Conversion can take 
place between 1989 and 2005 on 
the basis of 34-25 ordinary 
shares for every 100- convertible 
pref. So with the convertible 
pref trading 123p. the effective 
conversion price is 359.1p. That 
compares with an actual price 
for Ward White of 328p, and 
the premium is 31p or 9.5 per 
cent. 

An investor interested in the 
company would note that the 
gross yield on the two securities 
differs markedly — 6.9 per cent 
against 3.2 per cent. What he 
must decide, assuming he thinks 
Ward White a good buy, is 
whether he is going to get at 
least 31p of additional income 
if he holds the convertible. In 
this particular case, analysts at 
BEW calculate that dividends 
on the ordinary would have to 
grow at 17* per cent a year be- 
fore they beat the convertible 
premium. That is a fairly steep 
— though not impossible — rate 
of increase — so for the income- 
concfou* investor, the convert- 
ible looks a reasonable buy. 

A more general rule for 


Read that small print 


THE GOLDEN rule of any 
share issue is to read the pros- 
pectus, and nowhere - was this 
better illustrated than in this 
week’s story of Saint Hotels. 

Dr David Wishart, a share- 
holder in Saint Hotels, became 
unhappy when he read the 
details of a rights issue from 
the company, in which he had 
invested last year via a Johnson 
Fry-sponsored Business Expan- 
sion Scheme issue. 

What mainly displeased the 
doctor was the formula being 
used to determine how the 
money raised would count 
towards the calculation of 
management incentives. 

Essentially. management 
incentives depended on the 
increase in . the. value of the 
company ’ between the issue 
date and the end of the five- 
year BES period. When the 
issue was made, it was stated 
that the company would need 
to grow by 10 per cent com- 
pound a year to trigger the 
incentives. 

However, the formula pro- 
posed by Johnson Frv allowed 
nnjv a proportion of the rights 
hsue monev to be added-in to 
the orieir^l ba s e value of the 
company. Tbe present value of 
thp enmnanv, including al] the 
-•'d’t* none'’. w**uld thus have 
b->*?p *mmcHi?tcly greater than 
th- 1(^4 value. 

To oti’er words, merely by 
melting a rights is*=iie. the man- 
agement would have moved 
substantiallv closer to the tarect 
growth rates reouirpd for the 
Incentives to operate. 


The doctor’s view was borne 
out by analyst Steven Rowe of 
BES Investment Research. To 
its credit. Johnson Fry has now 
admitted that the formula did 
not achieve its purpose — en- 
suring that all money injected 
must achieve a 10 per cent re- 
turn — and has agreed to ad- 
just it as soon as possible. Wis- 
liarfs concern has been vindi- 
cated. 

The Budget Is less than two 
weeks away and sponsors are 
firing their final salvoes at the 
elusive Business Expansion 
Scheme investor. 

Johnson Fry features again 
in the launch of Fast Forward 
Inns, a pub /restaurant group. 
One inn is already trading near 
Stafford and another is about to 
open. 

Fast Forward was launched 
via an investment from a John- 
son Fry managed fund and 
equity has also been put in by 
3i and Whitbread. The com- 
pany hopes to raise a maximum 
of £2m via the issue of 2m. 
shares at £1 each. The usual 
Johnson Fry “golden share” 
provisions apply. 

Meanwhile, Edinburgh Tan- 
kers, one of the biggest ever 
EES schemes, which Johnson 
Frv launched in January, has 
failed tn meet its minimum 
£4 ,5m subscription. Because of 
the underwriting arrangements, 
the scheme will still go ahead. 

Ronald A. Lee. an antique 
dealer based in Mayfair, is a 
spin-off from an earlier com- 
pany called Fine Arts. It 
boasts as chairman Sir John 


Christopher Foggo Montgomery 
Cuninghame, Bart a former 
director of Morgan Grenfell. 

Last year, Ronald A. Lee 
made a pre-tax profit of over 
£63,000 on sales of £218,000 and 
the company now wants more 
funds to increase its stock of 
antiques. Exactly 525,000 
shares are on offer from Edin- 
burgh-based sponsors Noble at 
£1 each. 

Trinity Estates is a secured 
contractor, wtih interests in pro- 
perty development. To differ- 
entiate it from the many other 
contractors on offer, it points to 
its “locate, design and develop” 
service and the management ex- 
perience of Keith Price, for- 
merly of Tarmac Properties. 
The company is closely linked 
to the construction group. John 
E. Wiltshier. 

Sponsor Chancery Securities 
is taking an option of 5 per cent 
of the £5m equity being radsed 
at the issue price of £1. 

Roman Homes is an existing 
company which has already 
raised just under £lm via the 
BES in 1985. This time, it hopes 
to raise a maximum of £720.000 
via an issue of ordinary and 
convertible preference shares 
to fund its expansion in the 
retirement housing sector. 

Roman is making a profits 
forecast (not a projection) of 
£250.000 pre-tax in the current 
financial year and hopes to join 
the Third Market by September. 

Philip Coggan , 


income-minded investors is to 
pick convertibles in companies 
they fancy where the premium 
is low. But note the time ele- 
ment: the premium tends to 
narrow as the conversion date 
looms and the income advan- 
tage of the convertible dimin- 
ishes. . 

Having bought, held ana 
enjoyed the extra income, when 
should you convert? In theory, 
when the income , from -the con- 
vertible ceases to exceed income 
from whatever number of ord- 
inary you couid convert into — 
there, is then no advantage in 
the former and you might as 
well take your chances on tbe 
shares themselves. 

The dates are worth watching; 
once tbe ideal conversion 
period has passed and institu- 
tional investors have piled. out, 
the market in the remaining 
outstanding convertibles may 
become thin. 

Indeed, convertibles often 
then drift to a discount — which 
newcomers sometimes mistake 
as a cheap way into ordinary. 
It is true that genuine market 
aberrations do occur but,, with 
around one-quarter of the total 
convertibles on offer standing 
at a discount, income consider- 
ations are often the explana- 
tion. 

The big drawback for small 
investors is that information 
about convertibles is not 
exactly plentiful. Prices of tbe 
larger issues are printed in 
some papers and details of the 
stock given on Extel cards. The 
Stock Exchange Investment 
List, published by Mathieson 
and Sons (tel: 01-403 5742), 
provides .a full list of securi- 
ties with their associated con- 
vertible stock. 

But for conversion advice and 
estimates of potential dividend 
increase on the underlying 
equity, brokers research Is 
extremely valuable. Many of the 
larger City firms now offer this 
service and any decent broker 
should be able to tap into 
advice, although private clients 
may need a hefty portfolio 
before getting access to the 
research material themselves. 
The last Extel survey of 
analysts gave. top b illing to the 
teams at James Capel, Phillips 
& Drew and BZW. with Hoare 
Govett coming in fourth. 

Unlike some of the more 


curious corners of the stock- 
market, however, dealings costa 
on convertibles are not puni- 
tive Most brokers trade these 
stocks at normal equity, not 
fixedinterest commission rates. 
Spreads on the laTger issues are 
little different from those on 

equivalent shares. : 

So what stocks are tops, at- 

present? With the caveat that 

the individual takes his -own 
view on underlying equities; 
evervone likes the giant Hanson 
10 per cent convertible loan, 
stock, which yields 7.4 per cent 
compared with 2.7 per cent on 
the ordinary and is on a pre- 
mium of 4.7 per cent. Another u 
issue freauently mooted is 
British and Commonwealth's • 

73 per cei’** . convertible l/in* 
stock, where the yield is 6.2 per 
cent and the conversion: ‘pre- 
mium 10.5 per cent. • 

Among the higher-yidders,. 
Phillips & Drew suggest Haw-: 
ley’s convertible redeemable 
pre f —which carries a ? per cent 
yield and conversion premium' 
of 13.7 per cent. The broker. also, 
likes tbe look -of International 
Leisure’s 7f per cent convertible 
pref (conversion premium,: 7.7. 
per cent and yield, tf.4 per cent)" 
and, in the property - sector^ 
London and Edinburgh Trust’s 
6. per cent convertible pref 
(issued last November and', 
currently on a hefty 21.6 'per..* 
cent premium but with a yield; 
of 7.9 per cent against 1.4 pec.: 
cent on the. ordinary). _ . 

James Ooel point to.tbd; 
Ratners 5.85 per centiVcbfr/ 
vertible pref (0.4 per cent 
premium and 4.3 per-cent, 
yield): First National Finance^. 

6-3 per cent convertible ' 

(1.6 per cent premium and £57 
per cent yield); Saatchr : S; 
Saatchi’s 6.3 per cent Venn-’ 
vertible pref (5.0 .per cent:, 
premium and. 6.67 per ;cent - 
yield); and Wool worth’s _83 peri; 
cent convertible loan stock: 
which yields 4.94 per-cent mid!: 
stands on a LS per cent-dlsf_ 
count. - ‘ • *2 

Finally with market storming 
to new highs, analysts make- the 4 . 
point that convertibles -have 
particular attractions. - ‘Trices- 
of convertibles tend, to liigj?/. 
says James Capel. “and many 
stocks look cheap. right now^- 
some are very attractive.” 
should take note; ; t m - v '.- 


This udy B iffian ent g not an afier or anicrim to ga hnmh e o fcrrimnv? - 

CITY FINE WINE PLG | 

OFFER FOR SUBSCRIPTION 


Under Tty iwm* of the 




r BUSINESS EXPANSION SCHEME 


of up to 560,000 Ordinary Shares of £LQ0 each at 
£L60 per share payable in foil on application 


* . Established 1985 

* Approved RES. company 
#■ "Du relief available 1986/87 

* Irtmaong aoq tnsifion g already -made 

* Funds required fer future expansion. 

The subscription Bat a now open and yflj dose not Itter dan 3.00pm. 
on 3 li t March 1967. 

Grpta oftbe p ro qi n n it m ^bcofagmodfioin . . 

J-M-Hnn&Ca Oty Fine Wine PIC 

Salisbury House SaEsbmy House 

London Wall LomkmTOtt 

Lrndon EC2M 5T& EC2M 5QtT 

Tdepbme 01-628 9688 Telephone 01-588 354l" ~ 


Inves t ors shook! iwgam t his oppottroiy as a 
ii HdiinB MkiH^ leua fer timiiftil Umtppwsaad 
the income from then can go down as mil as up. 
The tnstdeed p ermits the pu rehaan ga rtri writing 
of traded call optioiE and (he purchase of traded 
put options. Investments are pemutled mother 
stock exchanges or maike» in respect of which 
the Secretary o( State for Trade has publidy stated 
an au thon s e d unit test nay invest, subtact to tbe 
restrictions in the trust deal 

CHARGES. Initial 5K% Ondudsdintbeoder 
price). Annual IK 

PRICZ: AND YIEIXtOnSA&irb 1987 tbe offer 
puce was 5Q.7p and the estimated groesyidd was 
lijttp a. 

DISTRIBUTION: Distributions will be trace on 
31 March and 30 September each year. The Sot 
dsmixmoo will be payable on 20 September; 

1987. 

DEALING: U mte a re ne m n a llr boughtandsoki 
daily (exducfang bankhnlidays). 

Current prices and yield are ptbEsbed in the 
Financial Times, DaftyTbtegiaphand Glasgow 
Herald. 

SELLINGOMTS lb sell yonnm i ta sign the 
certificate and return it to the Managers who will 
sen d you a efaegue normally within seven days 
TRTJSTCE: Clydesdale Bank PLC. 

MANAGED Mitnay Johnstone Unit Trist 
Management Ignited. 163 Hope Street. Gtessow 
G22UHTeL M 1-22 1 9252. Registered m Scotland 
NaGSISZ, 


To: Murray Johnstone Unit Trust Management Limited.163 Hope St, Glasgow G2 2UH. 
1/We wish to invest in MURRAY OLYMPIAD 

(minimum initial investment £500) £ : 

Units will be issued at the offer price on the dealing day coincident with 
or next following receipt of instruction. 

I/We enclose remittance which is payable to 

Murray Johnstone Unit Trust Management Limited £ 

AppUcancin will be adaontoSged and a cwttajo fennel nenneUnrujun 3Sd*yo. 

SURNAME (Mr/Mis/Miss) : 

FULL FORENAME© 

ADDRESS — 

POSTCODE 

SIGNATURES 

Iam/We are over 18 years of age (Joint applicants must all sign on a mfyn 

separate sheet of paper). 

For automatic re-investment of net distributions at 1% discount 


C/2 

U 

a 

£ 


£ kj C.[ : rm-,Q:P 

L* U. V 'J 1- ■ • -j. / * O- 1: J: > • 1 rV! 


Upto 60 % 

INCOME TAX RELIEF 


122 


CAPITAL GAINS TAX FREE 


ASSET BACKED INVESTMENT 


CAYZER LIMITED 

a British & Commonwealth Holdings PLC subsidiary 

is sponsoring an offer for Subscription 
of up to 5 Million ordinary shares at £1.00 each 
payable in full on application in 

secure 




Specialist Developers ol Private Sheltered Housing 


• Property development m a specialist growth market 

• Experienced executive management team 
• Advisory agreement with Haven Management Services Ltd., 
an Anglia Secure Homes Group company 
• Application lor Third Market trading intended - Stockbroker to 
the company already appointed 

• Option to purchase a site in DidcoL Oxfordshire - 

other sites identified 

• Loans tor investors up to 100% may be arranged 

• Minimum investment £1,000 
• Closing Date: 16th March 1987 
Contact: Tony Allen or James Nolan, 

Cayzer Limited, Cayzer House, 2 St Mary Axe, 
London EC3A8BP. Tel: 01-623 8788 

Up to 3% commission is payable lo introducers ol successful applicants. 

Tteat wBBB MWilnBnBlpiBMwaioHBti iwn a n n iBMtegWgj^aKB 


To CaywLmlea, Cayzer House, 2 Si May fee. London EC3A8BP. 
Pte&seni.*ilteutci)^^acv&dSeartmmeniFlCPn&>&i£K rK (3m 


Name: 

flEASE USE BLOCK CAPITALS 


m 

iSS 


i 

i 


Ni. 


Following the successful Lockton/Guinness Mahon issues 
in 1985 and 1986 Lockton Shops plc appears to be heading: 
for a substantial oversubscription of the initial maximum, of 
£6 million. ... : v - 

Time is therefore short and applications should 
forwarded without delay. - 

KEY FEATURES INCLUDE: 

a r> 7 « - - 7 . . 


★ Proven numagmentcmbbi^pvperfy and 


★ Agreements with leading mam/Jactzmrs PANASONIC 
TECHNICS and BANG & OLVFSEN 
★ 100% loanjadlities avadabk subject to references 
■* Up to 60°/o tax relief. 

Telephone 01-623 9333 (outside office hours 01-283 4822/3) 
for a copy of the Prospectus or complete the coupon below. 

Lockton SPONSORED BY . 

Shops plc Guinness Mahon & Co. Ltd 

TTB.jdwtapmwaJBCT n»cn»unHeMi w fc l |OTUn-aibuTaicPwilij, a . ... . “V 

To: Guinness Mahon & Co. Limited, 32 St Mary at Hill LONDON ETP 3 at - 

Please send me a copy ofihe Prospectus for Lodaon Shops plc. 


! — POSTCODE 




















' Ifev 


Financial Times Saturday -March 7 1987 




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OPTION 


£! •*; ei^r a: 





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FINANCE &THE FAMILY 



Halifax 
makes 
ait offer 


THE HALIFAX Building 
Society has made what it 
describes as a “modest" entry 
Into the consumer credit market 
with the introduction through 
selected' branches of Xtraloan 
multi-purpose personal loans. 

- At first, they will made avail- 
able only to existing borrowers 
with good mortgage repayment 
records. Unsecured loans of 
between £500 and £5,000 will be 
offered at a fixed monthly 
interest rate of 1.5 per cent, 
equivalent to an annual per- 
centage rate (APR) of 19.5. 

-. You will be able to repay 
over one to five years and free 
life cover will be included. 
There are no arrangement fees. 

Secured loans of £3,000- 
£15,000, with a second charge 
taken on the borrower’s pro- 
perty, can be repaid over three 
to 25 years. The variable 
monthly interest rate now is 1.3 
per cent (16.7 APR). Once again, 
there is free life cover and 
there are no additional costs. 
The society will pay all legal 
and valuation charges involved. 



THE CHELTENHAM and 
Gloucester Building Society has 
increased to 9.05 per cent 
'annually the’ interest rate 
offered to investors with more 
-than £20,000 in a Gold Account 
A similar rate will be paid to 
those who prefer their interest 
^monthly. Withdrawals can be 
-made without notice or loss of 

-interest 

Large investors with £20,000 
Or more will also get higher 
rates in the society's Security 
and Growth Plan, under which 
interest earned monthly is auto- 
matically used to buy units in 
a UK Growth trust managed by 
Cartraore. 

Among the smaller, societies, 
the Newbury is paying 9.5 per 
-cent- for balances of more than 
*£25,000 in its three-month-notice 
.Treasure Plus Account On 
-balances of more than £2,500, a 
monthly income facility is avail- 
able at 9 per cent annual 
interest 

- . The Sheffield Building Society 
is also paying 9.5 per cent 
.annually on its hew Premium 
Account which needs a mini- 
mum balance of £5,000. You can 
withdraw without loss of 
1 interest if the balance remains 
over £10,000. Otherwise, you 
■must give 90 days*, notice. 

s : 

(IF YOU are self-employed, the 
;man from the Pru is looking-for 
■.vou^'-THSlPru^ ^launching -a 
£375.000 advertising campaign 
offering' a free guide entitled 
;Moneg and the Self-Employed: 

. The group ■ recently an- 
'nounced a new business insur- 
ance package ; aimed at ..the 
v booming self-employed market, 
: which is said to be increasing 
Jfast from its present 2.7m 
people. 


THE SHAPE of things to come? 
Skip ton Building Society has 
decided to make use of the new 
freedom under the Building 
Societies Act to become a finan- 
cial intermediary. It has written 
to all its investors with larger 
balances suggesting they might 
consider switching a proportion 
of their savings into the Scot- 
tish Widows Capital Investment 
Bond. 

A special feature of the 
Skipton Capital Growth Plan, 
as it is called, is that you 
receive up to 1 per cent extra 
in units if you invest over 
£6.000. This represents part of 
the com mi si son being earned by 
the Society from Scottish 
Widows for promoting its bond. 

Terry Adams, Skipton's chief 
executive, claimed they were 
the first Society to offer a real 
alternative investment plan, 
even though it might result in 
a withdrawal of some funds 
from the society. He said that 
with retail receipts well in 
excess of their market share, 
the Society had plenty of scope 
to obtain funds from the whole- 
sale market to offset any out- 
flow of money into the bond. 

Skipton also claimed to be 
the first society to announce 
plans for accepting share appli 
cations for the forthcoming 
privatisation issue of British 
Airways. 

• 

LEAMINGTON Spa Building 
Society is following a similar 
route. It is linking with Com- 
mercial Union in offering what 
it calls a Double Top Account 
You are guaranteed a net 
interest rate of 12 per cent for 
six months on half the invest- 
ment made. The other half is 
put into the CU Prime Invest- 
ment Bond, with an additional 
1.5 per cent allocation of units 
if you invest before March 8. 
Minimum investment is £10,000 
' • 

BRISTOL & West Building 
Society is using the new powers 
available to move into estate 
agency and establish a share- 
dealing facility through Laing 
and Crnickshank. Meanwhile it 
has lifted the minimum interest 
paid on its special three month 
account to 9.25 per cent for all 
investors with the minimum 
balance of £5,000. Previously 
the interest rate structure was 
“tiered” according to the size 
of the balance from 8.80 to 9.25 
percent 


Christin e Stopp looks at the advantages offered to investors by umbrella funds 

One way to beat exchange controls 

. ■ ■ -n«i> thw nn ln«ffor ciihip.rt 


THE FINANCIAL services 
industry is rapidly becoming 
mare European. A number oi 
recent additions to tbe range 
of “ umbrella funds " incor- 
porated in Luxembourg describe 
themselves unasbamably as 
SICAVS (societfi d’investisse- 
ment & capital variable). This 
simply means that they are unit 
trusts structured like com- 
panies, so you buy shares rather 
than units. 

With an umbrella fund, as 
opposed to an ordinary offshore 
fund, there are numerous 
classes of share, and the under- 
lying funds are invested in 
different equity markets, as 
well as a variety of currencies. 

There has been a small rash 
of new umbrella funds in 
recent months, most of them 
based in Luxembourg, as the 
table shows. The reasoning 
behind them is undoubtedly 
pre-election fears: getting one’s 
money overseas in the event of 
a sterling crisis should Labour 
win, and choosing a base which 
is outside the scheduled terri- 
tories. and therefore likely to 
escape a reimposition of 
exchange controls. 

Apart from political para- 
noia. there are sound reasons 
for looking at umbrella funds. 
If you hold a UK unit trust 
with a number of sub-funds, you 
will be liable to capital gains 
tax when you make a switch. 
This is not the case with an 
umbrella fund, where switches 
can be made without incurring 
a chargeable gain, and often 
without fund charges either. 

Some umbrella funds offer a 
wide range of currency sub- 
funds, giving a choice of cash 
or near-cash refuges for your 


GOLD 

SEAL 

SHARES 


NEW IMPROVED TERMS 


(Third 

issue) 


* vjpX 1 '. /'if 

A 



Rates are variable and 

assume income tax at *-9%. 



-a q 47 % gross 
I Om 1 f equivalent 




, withdrawals with only 3 months’ loss of interest. Penalty-free 

^SSSSS^^ iroJn date of investment at 3 months^, ce. 



“j^Sst is available at a highly competitive rate'oi 9.10% net. 



L ' ' n ' , .U’.msa ouaranteed differential of 3.35% net abovB.our 
SSSSiSSS— tor a period ot 1 5 months- (Monrhly totorrrst 

3 . 10 % net). 



' 1 ^ -Li., jq iust £2 .000 for both annual and monthly interest 


, hn rninffl1 -tfh yanr tawtimmt ar far a brachgrg — i 

FRfctWST in-he invested fn Gold Seal Shares] 

□ l/we JbH^ed to the account anmlaity □ Pa* monthly 

Name/s) Ur/tinM** 

Address 






_ tildi 


Assets exceed £320 million. 


money — sometihing else which 
is uot yet possible with a unit 
trust. 

As for reputation and per- 
formance, the funds shown in 
our tabic are typical, coming 
from well-established groups, 
with highly visible unit trust 
performance records. 

For tax purposes M is 
important to know whether a 
fund has distributor status or 
not. Distributor funds must 
distribute the bulk of their 
income as dividends. They are 
also required not to trade too 
actively, but there are no fixed 
guidelines on what that means. 

With a distributor fund there 
is a distinction between capital 
and income for tax purposes. 
Income is taxed as income and 
gains as capital gains, just like 
a unit trust. If a fund loses its 
d ! «striburor status by infrinsring 
the vague guide-lines, income 
and capital gains a" rolled in 
together and the whole lot is 
taxed as income — rather like 
an investment bond. 

The UK inm«tor should 
therefore ensure th? shares are 
in a f«»nd »vh ft rn the managers 
intend to a only for diptrihntor 
st^itu*. For an pvnatriw*e inves- 
tor v-fco njiv« no ta\- in the UK. 
tlip rt«<-^nrtion is ’rreteTon*. Tf 
thpr n is a '»nrw ahr»"* 
f-ipifs. it i= 3*nnt distributor 
status. n*rtirularlv w*th ««*»■ 
>irot|a funds, sinr« non sub-fund 
without it wnnM oncer the 

Ujt-t, r,vr ill th,\ r«st. 

Of the funds in our table. 
Hill Samuel’s is the odd one out. 
It is a Jersey-based non-distri- 
butor aimed mainly at ex- 
patriates and UK investors who 
expect to retire abroad, and can 
therefore take their profits 


once they are no longer subject 
to UK tax. 

Mercury’s trust. MOST, was 
set up late last year to provide 
an alternative for inirestors in 
Mercury’s wider ranging dollar 
denominated umbrella. Selected 
Trust. This became necessary 
since the group did not intend 
to apply for distributor status 
on the Selected Trust for 1987. 
MOST does not include a range 
of currency and bond portfolios, 
because of tbe potential risk to 
distributor status. 

Other groups would regard 
this as a particularly conserva- 
tive attitude, though Oppen- 
heiraer has no currency or bond 
options, and the only would-be 
distributor trust in our table 
with a full range of bond funds 
is Wardley. 

Henderson also has another 
umbrella trust aimed more at 
the exoatriate market. Its 
Global Strategy fund, like Mer- 
cury’s. is sterling denominated 
making performance easier to 
follow. The minimum invest- 
ment is low for an umbrella 
fund at £1.000. 

Groups are looking enviously 
at the S400m-plus in Gartmorp 
Capital Strategy, the first of 
the umbrellas. It is setting 
up in Luxembourg because its 
resident funds should bo freels' 
markntnble in the UK once 
harmonisation oF financial ser- 
vices across Europe is complete. 

Investors will therefore have 
more and more umbrellas to 
choose from, easily available in 
the UK. and free of CGT on 
switching — all of which should 
make life interesting for the 
home-grown unit trust indus- 
try'- 


UMBRELLA FUNDS 


Sub-funds offered 
Equity 


Currency Fixed nt. 


Min. 

Invs 


Dist./ 

Non-dist. 


Charges 


Switches 


Wardley 

Global 

Selection 

(Luxbg) 


Australasia 

Canada 

Europe 
Hongkong 
Japan 
Sing. & 
Mai. 

UK 


£ Money DM Bond 
Mkt. 

USS MoneECU Bond 
Mkt. 

Yen Bond 
£ Bond 
SWFr Bond 
USS Bond 


$ 

10000 


Dist. 


S% initial 
1% annual 
(Equity & 
Bond) 
0-375% 
(Money 
Market) 


1st 6 In 1 yr 
free. Then 
reserve right M 
charge 1% on 
value 
switched 


USA 

Oppen- 

heimer 

Managed 

Assets 

(Luxbg) 

Eur. 

Managed 
Global Inc 
fnt’l. 

Managed 

Pacific 

Managed 

Worldwide 

Recovery 



$ 

5,000 

Dist. 

5% initial 

1% annual 

1% of net 
asset value of 
shares into 
which switch 
being made 

Henderson 

Global 

Strategy 

(Luxbg) 

Managed 

Inft. 

Nth America 
Europe 

UK Growth 
Japan 

Pacific 

£ 

USS 

Yen 

SwFr 

DM 


£ 

1,000 

Dist. 

5% initial 

(currencies — 
no charge) 

1% annual 

£25 admin, 
charge. 

Switches made 
bidto-bid 

Hill 

Samuel 

Int’l. 

Selection 

(Jei«r) 

Europe 

FE 

Nth America 
UK 

Infl. 

Equity 

Int’l. 

Managed 

Inti. Tech. 

£ 

USS 

DM 

SwFr 

Yen 

Managed 

Inti. 

Bond 
£ Bond 

s 

1,000 

Non. 

Dist. 

5% initial 

(currencies— 
no charge) 

1% annual 

No cahrge 

Mercury 

Offshore 

Sterling 

Trust 

(Luxbg) 

Global 

Overseas 

UK 

Nth America 
Japan 

Europe 

Cash 


£ 

1,008 

Dist. 

5% initial 

1% annual 

Cash — 

0-125% 

annual 

1% between 
equity funds. 
Switches into 
cash fund 
are free 


J 


ANGLIA Building Society is 
also offering a rate of 9^5 per 
cent on a new two-year high 
income bond. If you want to 
draw income monthly then the 
rate goes down to 9 per cent. 
Minimum investment is £LOW 
and you have to give 90 days 
notice for withdrawals to avoid 
loss of interest 


After 120 years, our 
approach to investing in Commodities 

is essentially cautious. 

Nevertheless , £5,000 invested 


with Rudolf Wolff hasgrownto 


St 

itUL 


it- 


ers 



For many years, the Commodity futures 
markets have been renowned far producing very 
healthy profits. 

And for producing equally robust losses. 

For this reason we have always been 
reluctant to recommend Commodities to the 
private investor. 

Rather, since 1866 , we have specialised 
in advising leading corporate investors and 
major institutions , both in the City and 
worldwide . 

Today, however, Rudolf "Wolff has 

developed a prudent new way for private 
investors to profit from these fast moving 
markets . 

RUDOLF WOLFF MANAGED ACCOUNTS. 

Rudolf W)lff Managed Accounts were 
first launched in 1985 and are designed 
specifically for investors who prefer to have 
their investments handled professionally far 
them by a team of highly qualified Account and 
Investment Managers - with the crucial 
advantage that the minimum investment can be 
as low as £5,000. 

£5,000 invested in a Rudolf Wolff 
Managed Account in October 1985 virtually 
trebled in value to £14,530 by December 31st 
1986 - giving an average return in excess of 12% 
per month. 

(While Rudolf W>lff feel the results to 
Ant? are more than satisfactory, future profits 
can never be guaranteed. The markets are 

speculative and lasses can occur). 

Rudolf Wolff Managed Accounts 
achieved this encouraging level of growth by 
being free to invest many or all of the leading 
futures on any of the world's major exchanges. 

This flexibility creates the scope that is 
necessary far producing maximum profits, while 
the balanced spread of investments aims to 
reduce the risk of loss to the minimum. • 

WORLDWIDE SCOPE OF OPPORTUNITY. 

The Commodity markets have grown 
dynamically in recent years. 

They are now truly global markets with 

London at their heart . 



a m. nln iWtU'iwn*”*- 1 -* - 


Contracts worth billions of dollars are 
traded every day. In fact , the turnover on the 
Commodity markets now surpasses that of the 
world's major stock markets combined. 

The sheer size of the markets creates 
even further opportunities far the well advised 
investor. 

Rudolf W) Iff Managed Accounts take 
maximum advantage of these new opportunities 
and represent the ideal route for private 
investors to enter the markets. 

HOW YOUR ACCOUNT WILL BE 
MANAGED. 

At the highest level, your investment will 
be controlled by one of our senior Account 
Managers. 

His aim is to create maximum profit by 
being able to trade in every leading market 
anywhere in the world . 

Being flee to move from profitable 
market to profitable market means we are 
able to construct a balanced portfolio 
of investmen ts far you. 

7b this flexibility we add a second 
safeguard in the farm of a two-tier 
management system. 

Our Account Managers are suppor- 
ted by carefully selected independent 
Investment Managers. 

Each is a specialist in a particular 
market sector and each has a well 
documented track record for producing 
substantial profits over many years. 

Those profits often dwarf the returns 
you may be making from your equity 
holdings or Unit Trusts. — 

FURTHER BENEFITS OF . A 
RUDOLF WOLFF MANAGED ACCOUNT. 

The Investment Managers monitor . 
changes in the world's markets continually 
via sophisticated computer links . 

They fallow price movements on a 
minute-by-minute basis and. identify trends 
as they develop. 

In this way, you not only benefit 
from their proven expertise but can also 

[ Sei Cam- I | . 


safely delegate the burden of watching the 
markets that most interest you. 

At the same time , you are spared the 
time-consuming chore of administration and 
paperwork. 

In its place you will receive a monthly 
statement detailing all transactions made 
on your behalf. 

Full documentation concerning your 
accounts are held at the offices of Rudolf Wolff 
.and you may of course inspect them at any time . 

YOUR NEXT STEP. 

Simply return the coupon below or 
contact the Private Client Department on 
01-626 8765 and ask far Paul Fingland , 
Director, Private Client Services, who wUl 
ensure that you receive full details of Rudolf 
Wblff Managed Accounts and how the markets 
can be made to work to your advantage . 


r? 


ait 


I 


i | 

Ll 


The Private Client Department 
of Rudolf mff 

Rudolf Wblff & Co Ltd , The Private Client Department, Freepost, 
London EC3B3LQ. Please send me further information on 
Rudolf Wblff Managed Accounts. 

Name — - — , * 


Address. 


Telephone (at your discretion). 


. Postcode . 


A Member of the Association of Futures Brokers and 
Dealers (AFBD) and the Association for Futures 
Investment (AFI). 

Rudolf Vfolff& Co Ltd, Plantation House, 
g 32-35 Fenehurdi Street, London EC3M 3DX. Telephone 01-626 8765. 



rri'PrO 


aeeK-jji-*8yuU3I 









VI WEEKEND FT 


1 


ooking after the private investor is not just 
about managing a portfolio successfully. 


For years we have also provided comprehensive 
advice on overall asset disposition and tax- 
structuring - long before the private investor 
became fashionable. 


As a result we now have probably the best 
thought-out range of investment management and 
tax-savings services available for substantial 
investors. 


Put us to the test; telephone or write to Nicolas 
Bowater to find out how you can make use of our 
services. 


CAPEL-CURE MYERS 


Members of the Stock Exchange 

01-248 8446 or 0800 400 495 (Evenings and Weekends) 

65 Holbora Viaduct, 

London EC1 A 2EU and Edinburgh 
Telex: 886653 PROCUR G 

Member of the ANZ Group 


i ] 


Many forecasters believe the budget (now fixed for March 17th) will bring 

a fall in interest rates. 


The Stockmarket will anticipate such a fall, and so should you. 

When interest rates fall, there will be significant profits to be made. 

For example, a 2% drop in interest rates could mean an 18% rise in capital value, 

on long-dated gilts. 

Gilts still offera return of over9V5s% ayear-nearfy 6% higher than 
the current inflation rate. It’s time to buy- the clever investor is 

already doing so. 

Etna’s Gilt-Edged Bond is an actively managed fund which offers one of the 
most cost-effective ways to invest in Gilts. 

The Gilt-Edged Fund has risen by over 18 Vz% in its first year. (26/2/86-26/2/87) 


> No initial charge; 

5% saving over most gilt funds. 


i No Capital Gains Tax 


f Up to 10% a year NET withdrawals, 
monthly on investments of £2500 
or more, (equivalent to 14% for a 
basic rate taxpayer). 


8 



Voted first for value for money and investment 
performance in 1986 by the Financial Weekly/ 
Martin Paterson award panel. 


ACTNOW— before yields fall further 

/Etna, is the UK arm or the world's largest publicly quoted insurance group with assets equivalent to £38 billion. 
/Etna Life Insurance Company Ltd, 40 1 St. John Street, London EC 1 V 4QE. Reg. No. 1 766220. 




\Please complete and send the coupon in an envelope addressed to: 
i rMc*AiCtoa Life Insurance Company Ltd. FREEPOST. London EC 1 B 1 NA. 

' ""Please send my FREE Guide to Gilts and details of the >£tna GILT-EDGED BOND to: 


Phone our Customer Care 
Centre. Dial 100 and ask the 
operator for FREEFONE A£tna. 
The Centre is open from 
8am to 8pm each weekday. 


Name (Mr. Mrs. Mbs J_ 


r • 

G 



I 

I 

I 

I 

I 


Address* 


Postcode. 


.Date of Birth. 


Usual Professional adviser (if any) 


.4467 


i 


PS. If you are self-employed or have no company 
pension, please tick the box so we can also send 

you details of /Etnas Gilt-Edged Pension Bond-0 111 l,am 1 1 " jjj 





Financial Times Saturday March 7 1987 



FINANCE &THE FAMILY 





Bank services may be overpriced says Dav id Lascelles 





money 




THE BIG Four clearing banks. 
Barclays. Lloyds, Midland and 
NatWest, have just reported 
their results for 1886. They 
.show a total increase in profits 
of 19 per cent to just of £3bn, 
a record. 


The sheer size of tbat sum 
is eye-catching enough. But the 
results contain a special 
message for the millions who 
use the dearers’ services: take 
a closer look at what the banks 
charge you for their loans and 
services, they may be over- 
priced. 

Not that banks are earning 
too much; in terms of their 
return on capital they do worse 
than most manufacturing com- 
panies. But times are extremely 
good for bank managers at the 
moment, and one reason is that 
bank customers - are not press- 
ing them hard enough. 

The great bulk of the dearers’ 
profits last year came from their 
domestic banking business. 


particularly from lending to 
individuals who still think of a 
loan as something that is 
** obtained " rather than bought. 

People tend not to examine 
the price of a loan too closely, 
let alone compare its price with 
other sources of finance. This 
enables banks to charge rates of 
interest which bears little rela- 
tion to inflation, their own cost 
of funds or any of the other 
usual yardsticks. 

For instance, the cost of 
funds to the dearers last year 
was about 10 per cent on aver- 
age. Tot the cheapest over- 
draft funds were in the raid- 
teens. with other types of loan 
rising well above 20 per cent. 
Some credit card and finance 
house loans cost closer to 30 
per cent. 

The clearprs’ results «JI 
showed that the return which 
they earn on theiT UR lending 
is about twice as hi ah as it is 
on their international lending, 
where they are exposed to the 


full force of world baulting 
competition. - 

Even allowing for the banks 
costs of running the business 
and setting a bit aside to cover 
bad debts, these margins hardly 
support the dearers’ claim s .th at 
competition in the high "Street 
finance business is reaching new 
peaks of intensity. 

Privately. some bankers will 
be honest enough to admit this. 
Although the building societies 
are muscling their way into the 
personal loan market the chal- 
lenge from that quarter is still 
small. Some department stores, 
like Marks and Spencer, have 
also begun to offer finance., but 
again not at a price that under- 
cuts the bank*. 

So the hanks are still best 
placed to . benefit from the 
current consumer credit boom, 
and have responded in the 
classic way when demand ex- 
1 reeds supply: by holding up the 
price. 

In our free enterprise society. 


there is nothing basically wrong 
with that— except that bank 
customers should not allow 
them to get away with it. • 
Bankers ere helped by the 
fact that credit is not. “price 
sensitive.” Most borrowers, cal- 
culate the cost- of a personal 
loan only in terms of whether 
they can afford the- monthly 
repayment and are then deeply 
grateful to their bank manager 
for making the advance. 

Many people are also quite 
happy to pay an dtrir few 
pounds on their credit card bills 
for interest not rea tiring that 
they are buying time at the rate 
of over 25 per cent a year. 

. Jf bank customers took the 
attitude that the bank -manager 
should he grateful to - them for 
bringing him business, rather 
than the other way round, that 
would be a start 

But if “shop around" was 
ever the best advice' in finance, 
now must be the time. 


Computing the cost of divorce 



THE PUBLICATION this week 
of proposals backed by the Law 
Society's family law committee 
far a computer-based system for 
calculating financial settlements 
provides little cheer for the 
150.000 couples who will divorce 
in the UK this year. 

Very many of them are 
destined lo struggle through 
protracted wrangles over divid- 
ing the matrimonial home, over 
the amount of maintenance 
payments and other financial 
arrangements — with arguments 
and resentment which some- 
times lasts for years. 

They will emerge eventually 
from a traumatic, and ail too 
predictable, process of upset, 
demands, claims and counter- 
claims which can leave families 
even more divided, and keeps 
hardworking divorce lawyers in 
the comfort to which they have 
become accustomed. 

The discussion paper by David 
Green, a divorce solicitor, pro- 
poses that instead of the pre- 
sent rather general Law Society 
guidelines, which result in 
individual solicitors making up 
their own criteria, maintenance 
payments, for example, could be 
subject to a formal code. 

This would convert figures 
such as the incomes of husband 
and wife and facts such as who 
will have the custody of child- 
ren into a mathematical formula 
producing figures for all to see. 

There is little doubt that some 
kind of agreed “bus map” of 
what the financial arrangements 
are likely to be can go a long 
way to defuse the present 
wrangles, which are created in 
part by the solicitor's clients on 


both sides not knowing what 
they are entitled to and expect- 
ing to fight for whatever can be 
won. 

This situation has been 
brought about in part by the 
lawyers themselves. They usu- 
ally act. as they are trained to 
do. essentially for their ciieot 
and what might be fair and 
sensible for both parties may 
never enter the picture. Even 
the wording of letters about 
quite mundane matters between 
divorce solicitors is frequently 
combative rather than on the 
lines of negotiating towards a 
settlement. 

One change which has helped 
the situation is the rapid growth 
of the Solicitors Family Law 
Association, now nearly 1,000- 
strong, members of which work 
directly to achieve the most 
practical, and even amicable 
settlement possible, if the client 
will let them. 

Some wise lawyers within and 
outside the association will ask 
clients to come back in a few 
months to deal with the divorc 
when they are in a calmer emo- 
tional state. 

One of the principal difficul- 
ties about money in divorce is 
that, except for the very 
wealthy, there usually just 
not enough to go round when 
one home becomes two. One 
or both partners may fall into 
difficult financial straits as soon 
as the y separate, breeding 
worries and problems which 
do little to lower the 
temperature. 

By the time the parties do 
seek legal advice there may be 
complicated financial problems 


to solve which are made more, 
difficult if they are not speak- 
ing to each other and - their 
solicitors communicate with 
each other only by letter. 

Behind all this is the reality 
that property and money are 
symbols and trigger points for 
deeper Feelings and insecurities. 
Often, they represent inequali- 
ties of power or ability to earn 
within the marriage. 'For 
example, a wife who has always 
depended wholly or partly on 
her husband's income may have 
long resented having to ask him 
for money. 

The spectacular Hollywood 
divorces, with highly-paid 
lawyers fighting over millions of 
dollars; are examples of these 
underlying attitudes. 

There is no simple answer to 
this. Bat couples or individuals 
who. allow, themselves to be 
helped to trust and act respon- 
sibly, through in-court or put 
of Court concilliation proce- 
dures, or marriage guidance 
counselling, can work through 
some of -the emotional areas to 
deal more rationally with the 
practical and financial ones. . 


Couples do it, and sometimes 
amaze their solicitors and bank 
managers who are unused to the 
idea of a break-up - without 
battles over the assets. . 

These problems are increas- 
ingly affecting couples who live 
together outside marriage where 
they buy homes and have chil- 
dren. The computer approach 
. could help them too through dif- 
ferent Jaws apply — to property, 
for example. ' 

David Green admits that- his 
proposals could take years to 
be adopted. In the meantime, 
the various ways in which 
divorce can be coped -with to 
limit the financial and emotional 
damage win go a long way for 
couples wiHing to try them. 

• Maintenance and Capital Pro- 
vision on Divorce — o need for 
precision? Price £2 from the 
Law Society Publications Shop, 
113 Chancery Lane, London WC2 . 


f 


\ . . 
I. 


Mike Strutt 

Michael Strutt is coauthor, 
with Dr Chris Belshaw, of 
Couples in Crisis — a guide to 
coping with divorce (GoUancz 
£4.95). 


When cuts hurt 


A CUT in interest rates — 
widely expected after the 
Budget — may be good news for 
industry and Houseowners if 
mortgage rates come down as 
well. 

But for many people relying 
on income for Investments, 
particularly building society or 
bank deposits, lower interest 
rates are a bad 'bins. So Chase 
dc Vere Investments, the 
Tendon-based financial advisors, 
have devised in invesiment 
portfolio specifically designed 
for anyone worried about pro- 
tecting themselves from falling 


interest rates. 

Called the Interest Rate Pro- 
tector. it is a combination 
whereby half your money goes 
into the Leamington Spa Build- 
ing Society’s one-year fixed rate 
bond paying a guaranteed 10 
per cent per annum, while the 
other 50 per cent is invested In 
the Aetna Gilt-Edged Fund. The 
idea is that the building society 
rate ri fixed for 12 months, 
while the value of gilts should 
improve as interest rates 
decline. 


John Edwards 


Find out how you can 
increase your stake when 
you’ve seen the result 


Invest in the new RBC unit trusts before 21st 
March and you can buy 20% more units at the launch 
price of 50p. Right up until summer, 

However much prices may rise. 


Fima sand dm tnfnrmaUoa about RBC Sefaet North Ammfcan/ 
RBC SnlBillntem a<ianflLABddMaih<rfthBiM,y« p»riall«mwJi rilir> 


'Marne. 



Address. 


■.ftstewta. 


Clip tfatfladvertiaeinwHiwdgCTdil to Barry Thorp. RBCIVaatM aaMuni Ltoflad. 
1 London Wafl. London EC! V 5|X IWapbone; 01-606 3I6L FT/73 


RBC TRUST MANAGERS LIMITED 

Making rnitfirnsfy m ake sen se- 


FOCUS ON SOUTH AFRICA SERIES 


A special advertising series featuring companies 
involved in South African commerce and industry 
appeared in the Financial Times between October 
16 and October 2S 19S6. Brochures containing this 
series are now available at a cost of £3.50 a copv. 


For further details, please contact: 


Hugh Sutton 

Financial Times, Bracken House 
10 Cannon Street, London EC4P 4BY 
Tel: 01-248 8000 ext. 3238 






TAX RELIEF IN 1986, 7 


Cm 


:rs 


fcicri* * 


5=3 

* 




I ROMANHOMES 
1 PLC 




»■■■ 

• rnmwm 
■IM 


Second Offer for Subscription 
under the 

BUSINESS EXPANSION.SCHEME 

sponsored by 

CAPITAL VENTURES LIMITED 

(Licensed Dealers in Securities) 


mmmm 

s: /a 

y ■ 

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Of up to 1,200,000 Ordinary Shares of 20p each 
at 60p per share or up to 1^200,000 convertible 
preference shares of 50p each at 60p per share, with 




Sis a fixed coupon oflOSo gross. All Shares payable in ::k 
full on application. »« 


SR 


a 

full on app 

Launched in 1985, Roman Homes Flc is 
developing si tes for retirement homes. 

The maim features of the Company are: 
sfc Assets in Property 


SOFO! 



The subscription list is’now open andwHl dose 
not later than lS.noon on 3rd April 1987 - or earlier 

This advertisement does not constitute an . 
invitation to subscribe for shares. For further 
information and. a copy of the full prospectus and 
application form , please complete the coupon, or 
telephone Amanda Fowler or Judy Cracnnell on 
(0242)584380. 




Tb: Capital Vmtarw limited, 37 London Rn«L Cfaritenlunn, flw or Aft t(J\ i 


Name 


Address. 






H?™ mueh massy iw, 

dM you make in 1 KS| 



"nmmtVsi 


'Is natal 




Bw Just km much 'tS iw^o aWiviruSiB d^O iami^knanitggUiaSiitgifa^^ ^^ fi 




staOcmaMt 


\^S^^BAaaG^S^^^^bem^^annissuesi6aaiittniwj J 

I — - ** ■- — * . . .-1 . n - . , MM 


fotewbmShanGutiaiA3HaaStot£LxnkvECWJAU 

Nam.... ... —-——i—i....:... ...... ... 


■T'Ttv. - *. y \v. 








' : • 











„ Financial Times Saturday March 7 1987 


WEEKEND FT VD 


FINANCE &THE FAMILY 



I • . 

h ®rr 0fc . fcw 


Malcolm Gammie looks at options as the fiscal year ends 

Act now to keep tax down 


nd of ,_ lhe tax year covered by the accrued income be made (by July 5 19S7) to use 
tfiomh away, you scheme may not, however, losses of each spouse separately 
now be considering create income in the current 


tax 


a J** 


o? 

>rT ? £ f 

' r W wS 
* -*p a:* 

'‘1 *x»l * 

]• k 

n -~:* u **9 * 

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vp- 'f?.' 

• “cr 

^ -a'rl- ^ 1 
•'- 1 rr . ‘ Os 

V; :; "iii 

*"***■. 

- -n 

•- *’ ?"* a 


: should 

action to mitigate your 
liabilities in 1986-87. 

-Everyone, even a child, is 

* entitled to a slice of tax free 
income — the personal ' allow- 
ance. In 1986-87 this win be 

T at least £2.333: but if the allow- 

• ance is unused, it goes to waste. 

' A deed of covenant may be an 

effective way of transferring 
income from a taxpayer to some- 


year. 

Although, under that scheme, 
if you exceed the small investor 
limit (£5,00 nominal value of 
securities), you will be taxed on 
the income accrued up to your 
sale. 

That tax charge will be 
raised by reference to the next 
interest payment date for the 
security. So if Interest is next 



■f*. nr,-." 

. ... .a. 

7 


.. - -o- 

•r. • ■ 

.... ~ 

’ ■ ' Jiijp. 




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one who would otherwise have due for payment on June 30. a 
insufficient income to use the -• • 

allowance in full 

The deed, must provide for 
payments to continue for more 
than six years — hence the 
usual seven-year covenant. It 
-must become operational before 
April 6. The amount paid will 
then form the recipient’s income 
for 1986/87, though it covers 
the year to April 1988. 

Payment must b'e made under 
deduction of tax at 29 per cent. 

The recipient can reclaim this if 
he/she has no tax liability. So 
someone with no other income 
" may be. paid £1,658 net and re- 
claim £677 tax. A parent can 


sale in March will create income 
for 1987-88. not 198^87. You 
will, however, receive the. should, 
accrued income gross as part whether 
of the sale proceeds. The 
interest would normally be 
paid under deduction of tax. 

The Business Expansion 
Scheme offers relief at top rates 
of tax. Up to £40.000 may be 
invested annually in new share 
capital of one or more qualify- 
ing companies. The shares must, 
however, be issued in 1986-87 
and mere investment in an 
approved fund is not of itself 
sufficient. 

Provided they are retained for 


if this is more advantageous. 

A married couple, both of 
whom are earning, should also 
review whether they should 
elect for the wife's earnings 
to be taxed separately. A deci- 
sion for 1985-86 must be taken 
by April 5 1987. 

Finally, it may be appropriate 
to review pension contributions. 
An employee may be entitled 
to make additional voluntary 
contributions to Ins company 
scheme. The self-employed and 
those without a company scheme 
however. consider 
further retirement 
annuity contributions should be 
paid. Premiums of up to 171 
per cent df net relevant earn- 
ings qualify for relief, with 


higher limits for older rax 
payers. 

Premiums may also be paid 
to cover any unused relief 
brought forward from the six 
previous years. 

Premiums paid are normally 
deducted from taxable income 
in the year of payment. An 
individual may, however, elect 
on or before April 5 1987 that 
a premium paid in 1986-87 be 
carried back. Subject to the 
relevant limit for the year, it 
is riien relieved in 1985-86 or 
if there were no net relevant 
earnings that year, in 1984-85 

If premiums paid in any year 
fall short of the maximum 
allowable relief, the unused 
amount may be carried forward 
for up to six years to increase 
the maximum relief. 


Watch out for changes when 
you renew, says Eric Short 


provide in this way for adult years, BES shares issued 
children. A covenant and even now fully exempt from 
an outright gift of cash or 
income-producing, assets to 
minor children is ineffective: 
the income generated through 
the covenant or gift is taxed as 
the parent’s. Grandparents, 
however, are free to support 
' grandchildren of any age- 
Bank and building society 
interest are paid net of basic 
rate tax. The tax is, however, 
not repayable even to a non-tax- 
payer. Such an individual 
should consider switching 
• springs into a form which 
allows either the payment of 
income gross, such as a National 
Savings Investment Account, or 
thp tax borne to bo reclaimed. 

Gilts and shares are in the 
latter category, but can involve 
an element of risk. 

ff income is required in 
1986/S7. it must be paid or 
credited in that year; interest 
for example is not taxed as it 
accrues. Closing an account 
may ensure that interest is paid. 

Selling gilts or other securities 


now are fully exempt 
capital gains tax. 

Gilts, most quoted corporate 
bonds and shares within a per- 
sonal equity plan are also 
exempt. The corollary of exemp- 
tion is that losses incurred 
are not allowable. Gains on 
other assets or investments are 
potentially chargeable to capital 
gains tax at 30 per cent. How- 
ever, the first £6,300 of net gains 
in 1986-87 escape charge and a 
portfolio should be reviewed 
with this in mind. 

“Net gains” are arrived at 
after deducting any losses 
sustained in the year. Unused 
loses of earlier years may also 
reduce current chargeable gains 
but such losses (unlike current 
year losses) are deducted only 
to the extent required to reduce 
the current net gains to the 
£6,300 exemption limit. 

Only one £6,300 exemption is 
available to. a married couple. 
Losses of one spouse are norm- 
ally set off against the gains of 
the other, but an election may 


Insurers who 
keep it quiet 


= SHIP- SHAPE &= 
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With over 50 years experience as one 
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MAXIMUM 
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NET RETURN 

10 . 5 % (RAJ 

GROSS EQUIVALENT 

14 . 79 % 


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GROSSEQUIVALENT 

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Portfolio 

Tet 09923,971 


WHEN YOU receive the annual 
notice from your insurance com- 
pany for the renewal of house, 
motor or other personal insur- 
ances do you look at any item 
other than the premium 
demand? 

You should. The premium in- 
crease may not be the only bad 
news in the envelope. One of 
the enclosures could be an 
official notice that the cover on 
that particular policy has been 
changed. 

General insurance contracts 
are in law renewed annually. 
To save costs, insurance com- 
panies amend existing policies 
as and when changes arise. 
Householders or motorists 
should not assume that the 
terms of the insurance policy 
when they first took it out still 
apply. 

Otherwise they may discover 
when disaster strikes that they 
are no longer fully covered. 

This subject is one of the 
themes in the 1986 report* of 
the Insurance Ombudsman. 
James Hasweli, who has had to 
deal with several complaints 
from this root cause. He is 
far from complimentary to 
insurance companies. 

Insurance companies extend- 
ing cover, display the fact 
prominently to policyholders. 
But when reducing cover, they 
give as little publicity as 
possible. 

This is a natural marketing 
ploy, compounded by the fact 
that policyholders are given 
insufficient time to find another 
insurance company with more 
acceptable terms before the 
existing cover runs out. 

Hasweli wants insurance 
companies that . failure to 
communicate policy changes 
properly could force him to 
deal with a complaint on the 
basis of the old terms. 

His other criticism ot 
insurance companies relates to 
the jargon used. Terms such 
as “All Risks" and "Comprehen- 
sive" mean different things to 
the public than they do to the 
underwirters. Generally, neither 
an All Risks policy nor a com- 
prehensive policy provides blan- 
Set insurance cover, yet that 
is what the terms imply and 
what the public usually expect. 

However, generally the Insur- 
ance Ombudsman finds that 
insurance companies treat 
policyholders fairly. Of 1.017 
cases dealt with during 1986, 
only 218 resulted in a revision 
of the insurance company's 
decision. 

In a lighter vein, the 
Ombudsman sets out his 
definition of a work of Art in 
relation to claims on household 
and All Risks policies. The case 
related to a ceramic figure 
wh»ch was accidentally broken. 

This was not covered under 
the contents section of the 
policy so the policyholder, 
advised by his insurance broker, 
claimed under the all risks 
section which included works 
of art in the definition of valu- 
ables. 

His ruling is based not on 
the worth of the object but on 



James Hasweli ... far 
from complimcntary 

its uniqueness. A one-off article 
having an aesthetic value above 
its value as an object in use has, 
in the Ombudsman's view a 
strong claim to be a work of 
art. But if the item can be 
readily replaced by an in 
distinguishable specimen then 
his judgment is that it is only 
a reproduction. 

One feels that insurance 
companies will tighten up on 
the definition of valuables and 
works of art in their policy 
definitions. 

The role and scope of the 
Ombudsman still confuses many 
complainants, says Kate Foss 
who chairs the Council of the 
Insurance Ombudsman Board. 

She explained that the Om- 
budsman is completely impar- 
tial — neither an insurance 
company lackey, nor a con- 
sumer’s champion. The Council 
whose members are mainly lay 
people with experiences in con 
sumer affairs, simply oversees 
the impartially of his decisions. 
However, the Ombudsman can 
deal only with cases within his 
terms of reference. As a volun- 
tary system set up by insurance 
companies themselves, it gives 
the Ombudsman no power to 
deal with complaints against 
companies outside the Insur- 
ance Ombudsman Bureau. 

Of the 5.873 enquiries re- 
ceived last year, up 1,100 on 
1985. 1.922 (around one-third) 
related to non-member com- 
panies and another 790 (13 per 
cent) were outside the terms of 
reference. So nearly half could 
not be dealt with by the Om- 
budsman or his staff. 

The operation of the Finan- 
cial Act may bring more 
insurance companies into the 
scheme, though the Act itself 
only relates to life business. 
There is a need for the scheme 
to have complete coverage. 

* T he Insurance Ombudsman 
Bureau Annual Report 1986 is 
available free of charge from 
31, Southampton Row, London 
WC1B 5RJ ( telephone 01-243 
8613). 



MAJOR SCOTTISH BES OPPORTUNITY 


BKBSSSSSSSS., 

Shaf ofmpare this offer with others and our 

benefits speak for themselves: 

* 

* Totally independent of any other contractor 

* j^isguisedfees paid to associate companies 


Ptasesoid mMBwdl Prospect*. 

Natf*: 

Add; 


sk Debts secured by mortgages 
sk BES tax relief. No CGT 
sfc Minimum subscription £1,000 

Fora prospectus, the sole basis on which 
subscriptions can be made, send the coupon to 
Burrell Prospectus, FREEPOST, 10 Fleming Road, 
Newbury Berkshire RG13 IBR. Or telephone 
Oakland on 0488 84656 or Aitehison & Cofegrave 
on 041 332 59a 




Fogcorite 

Oakland CapteltonaBffnen 1 ^ 

Hungerfoni.BeA5hireRG170BR 


BURRELL 

CONTRACTS 

PLC 



WHICH 
UNIT TRUSTS 

Are Expected to 
Perform Best In The 
Year Ahead? 


UNIT TRUST NEWSLETTER is an 
independent monthly service that 
tells you what it thinks and why. 
Clearly, without hedging. 

The CURRENT ISSUE contains 
advice on World Markets, a Sector 
Review (together with recommenda- 
tions). recommended portfolios for 
Growth. Growth & Income. Income 
only or Speculation together with 
Charts and Tables that show which 
units are leading the way up in the 
different classifications. 

SPECIAL a TRIAL OFFER 

will bring you immediately by return 
post our current issue. Sunpiy post 
this ad, with-your name and address 
and El to: 

The Unit Trust Newsletter 

3 Fleet Street. London 

EC4Y 1AU pf? 



A New Opportunity 
To InvestIn The 
Powerhouse Economies Of 
Asia And The Far East 



Q.FRTCAT.MFnTCAT. 

Dragon 
Growth Trust 



Perhaps the most exciting region ol the insesi- 
ment world today is .Asia and the Far East. The 
dynamic economies of this area have been 
described as “the little dragons’*, with growth 
rales the envy nf the more developed industrial 
world and investment prospects to match. 

Now. with the launch of the Dragon Growth 
Trust. Clerical Medical offers the prisatc 
investor access to a highly promising investment 
sector with the benefits of sound, professional 
management. 

Aims QfTheTrust 

The Managers’ objective is maximum capital 
growth from a portfolio of equities drawn from 
the stockmarkets of Hong Kong. Singapore, 
Malaysia. Taiwan, South Korea, Thailand, India, 
the Philippines, Australasia and the Tokyo 
OTC. It should he recognised that the high 
growth potential of these markets carries with 
it the prospect of above-average volatility. 
Investment should be made with the longer 
term in view. 

1 nvestors should bear in mind that the price 
of units and the income from them may go 
down as well as up. 

Investment Policy 

The Dragon G ruw-ih Trust will be actively . 
managed to offer exposure iu those markets 
which, at any time, offer the best capital growth 



prospects. It is our current intention thar the 
initial portfolio will feature Hong Kong tfiO'.'v), 
SingjporeOS-ZOMand Korea. Thailand, 
Australia and the Philippines {around 5% each}. 

The Market Poten tial 

The strong rises in the Japanese 
Mockmarket over a number of years 
have left the smaller oriental 
stockmarkets looking 
decidedly cheap. In 
addition to this 
technical consi- 
deration, the 
fundamental i 
attractions f ‘Vo 
of many of ^ 
these power- 
house economies - (strongly export-led and 
with growing trade surpluses) suggest we are 
witnessing not only the resumption of solid 
growth in the established markets of Hong Kong 
and Singapore bur also the rise of countries such 
as Korea. These countries look set to repeat the 
Japanese success story with rapid industrialisa- 
tion. well educated and efficient work forces and 
declining interest rates. Currendy the Australian 
economy is under some pressure bur positive 
measures have been taken and investment 
opportunities may well arise during the course of 
the yean 

Strong Investment 
Management 

The Trust will be managed by the Clerical 
Medical investment team responsible for over 
i 3.000 million of investors' funds worldwide. 
(Jericaj Medical Unit Trust Managers Limited is 


a wholly owned subsidiary of Clerical Medical 
and General Life Assurance Society, which, has 
a reputation for consistently and safely 
managing clients’ money since 1824. 

Invest Now At 
A Fixed Price 

Units in Clerical Medical Dragon Growth Trust 
may he purchased at the Fixed Price of 25p until 
Friday 20rh March, after which they will be 
allocated at the offer price then ruling. The 
Managers reserve the right to dose the fixed 
price offer of units before March 20th if the 
price moves more than Zlfrftb. Minimum invest- 
ment is £500 and investments of £1,000 or 
more, received by dose of business on Friday 
2flrh March, will qualify for a 1% bonus. 
Estimated initial gross yield is 0%. To invest^ 
cither call our dealers on Free Iinkline 
0800 373393 or use the coupon below and 
return it together with your cheque made 
payable to Clerical Medical Unit Trust Managers 
Limited, to the address shown, without delay. 

GENERAL INFORMftTTOV tWr Weo mmf StUng tWu - Tta price* 

111 imru and (be yield air p>njnhc J in Thr Tend Jnd Fuuncul 

Tmie. II ,uuwiu> io ,c0 Tnurnnirs. 'imply cumplrir the rndoncncnC 
on ihc Hitk ol Crr ifiGiir inJ ram n to the Mjturets. Vod wffl 

n.mr ibr IwllBiJ Vjluvoi *010 nniu jrfjqi on ibr dJ» *»ur _ , 

1 truncate ioJw m Jtid a dirqnr Kill ponraflt he totwankd wit bin 
wi rn o-orfcinp diTn ul maptoi the Unit Lcuitejir. Charts -An 
initial .Ktrtt or.'WWlt mdudrd in iheORer Price ol the uixu. and * • 
ni'-.niht) cluTEf pi * U4, niu* VAT Upproumjld. cqal to ]*o ju. Hu* 
ul r(K »jlnc of the m ui 1 * dednurd Iran the lnb< to men lie 
r.peiwr, nl the Tnnieec and MaaiRcrv 
Tt- Trus Deed pctmntj nuvuiium inriuT charge of 7SI anJ* 
injxf'iuin rmtirhk durfe o(*rtN plus VAT i atyrmri M TCfr eeyul to Vk 
pJuc VAT The MjuiceTiicm c/urgr* ani'drhc inotBrd 
moariu' wnnoi notice iu Uimholdm. Remuneration nui be paid to 
qiujitied mlriniedunca and rata are araibhte qd icipesl. _ 

Accumulation Units - All uutis are aivmuolj lion ntnrt jdJ income t, 
•u-'iomjikulU rrmcesird ,r«i rnic.-iol in the Uah Price. On Joue llt|h 
1 . i«tln*Uen o iD recnw a uv ntuener Mr rhr m.imr rhev jrc derates! 
i.ihjir rc.ctird, .r-mmeiicin; on 1 1th June, Wt. Com act Nous and 
i.enillcjlrt - conrrjit Note, will he i.sticd on mraril nl lull 
in.ink-tmiK. Vninlrtiihair, wdl normally he t»urd within AJ 
■i.nGnedi.-ni icryi ot pjinirni.. Managers ~ Clerical Aledual Unit 
ltn .1 Manager. I imneil, Narrow Main Rttitol BSJ UjH. RcuMrrc^ 
nifue - | > Si lamr. < ‘■quarr.ie.Bdtm 'I'll -IQL R.pKer.d So. 

1 '. ttwAI Tnnlct - MidLan.] Ran L Tnr.t Com pane Limned. 1 1 Old 
Jr-i’. Lun-k'n Li. IK SDL. 



ON IN vN'FS OF- .£ 1 ,000 i: 

or;mc^ 




CLERICAL 

MEDICAL 

UNIT TRUSTS 

CONSISTENCY • STRENGTH ■ EXPERIENCE 

Q erica! Mettles! Unit Trust ManaRcts Limited. 
Regiatereil No. ISJ.WI. 

Member ol lhe Unit Tran Anocation. 

A wholly owned jub&idury ot Clrricjl, 

Medical and General Lite .Wurane- Societv, 

Narrow Plain, Bn*co] BM OJH. Teh 0T 2. iKLSbS. 


RING 0800 373393 


KY POST To: Cirri a) Medical Unit Trust Mdiupcre Limited. Narrow rUin. Bristol 
Bb2 UJH. I newnh to inter in ikri.lmcil Mnjail Iirapm Gronrh Tra,r ,k ihe 
fiwd price nl I5p per uni. Alter 20ih MarJi, L’ST the pn,c rating on the date 
ol receipt will apply. 

Surname (Mr’Mn.’Mis* ‘Olherl 


Monday - Saturday 
9.00 a.m. - 5.00 p.m. 


r 

(Minimum 


£500) 


Tull Fnrenamu 


(BLOCK CAPITALS PLEAS L) 


Address 


Pnjtc&de 


Signal me 


Date 


Joini Applicants should sign and pNe details separately. This oiler is only open to ini estors oser 18 yean old. This otter is 
| m l open to residents ol the Republic ot Ireland. 


nn 



If you are looking for a higher level of 
return on your investment, it is time you 
took a serious look at the options and 
futures markets. 

At Metaport Commodities, we have more 
than 10 years experience giving professional 
guidance. Ourflexibtlity and expertise meetthe 
needs of every type of investor, large or small, 
private or corporate, in these volatile markets our 
option strategies can strictly limit losses while still 
maximising profit potential. 

LIMITED RISKS 


to find out more about our services, just nit out tha coupon and return 
hto us. We will send you. FREE OF CHARGE, The serious Investor's guide 
to the world of futures’. Or alternatively, ring Daniel Berger or Simon 
James on 01-6262431 for further information. 

Metaport Commodities Limited 19121 Great Tower Street 
London EC3R 5AQ- Telephone: 01 - 621 1630 

Name 

Address 

Postcode 


Telephone 


FT 7/3 


( Day } 



B.E.S, INVESTMENT 


• SUBSTANTIAL POTENTIAL PROFITS FROM 
THAMES FAST RIVEHBUS SERVICE AND 
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DEVELOPMENT. 

• ABILITY TO INCREASE LAND VALUES ON 
THAMES LINE PLCTb OWN PROPERTY ■ 
DEVELOPMENTS BY INTRODUCTION OF THE 
FAST RIVERBUS SERVICE. 

• APPROACHES FROM RIVERSIDE LAND- 
OWNERS WISHING TO UNDERTAKE JOINT 
VENTURES ALREADY RECEIVED AND 
UNDER CONSIDERATION. 

Important information for B.E.S. investors: 

• Early B.E.S. tax relief as trading begins in June ’87 

• Solid asset backing in property and vessels 

a The first 61% of the growth in the company accrues 
exclusively to investors 

• Exceptional Board includes Sir Christopher Leaver, 
Chairman of London Touri st Board and 

Philip Beck, Chairman of John Mowlem &Co. pic 
(builders of new Docklands light railway and 
London City airport). 

• Over 25,000 prospectuses issued following 
exceptional response. 

Tbit ufctttumHOl boat nil anslfl ulr an Blttr at invitation Is cnliKrihii tat&M**. 

MINIMUM INVESTMENT £500 
B J3.S. INVESTMENT CLOSES MARCH 13th 1987 
Please return completed a p plication form now 
to Johnson Fr y pic. 

THAMES LINE ^Sponsored By: 


■PLC: 


Phone: 01 439 0924 
014995066 


\JJ I Johnson Fry pic 
Princes House, 

■16 J ermyn Street, 

London SW2T6DT 




— commocxties^limited J I I INVEST NOW BEFORE POSSIBLE BUDGET CHANGES] 

‘"-"““““-““T — : — bxx-rropcftv Paces -JI1HH9 0031 


j ' snvhm. ponl._ i bar i resta ur_* nt._ ,Cam- 







1 


VIII WEEKEND 



This advertisement is not an offer or invitation to subscribe for shares. 


BUSINESS EXPANSION SCHEME 


! 'TRIPLE TAX BENEFITS!! 

OFFER FOR SUBSCRIPTION OF UP TO £1.85 MILLION IN 

WHARFSIDE HOTELS PLC 


in association with 


€ORTB)K\E 


HOTELS- 



a subsidiary of 

BRITISH CALEDONIAN GROUP Pie 

sponsored by 

GU1DEHOUSE SECURITIES LIMITED 


(member of The Stock Exchange » 


WHY YOU SHOULD SEND FOP YOUR COPY OF THE PROSPECTUS TODAY 


• A BES Fund has agreed to subscribe for 168.000 Ordinary Shares under the Offer. 

• The minimum subscription of £000.000 has been underwritten or prefaced by Guidehousa 

• Total Investment in the hotel project to date i; approximately £5 5 million. Two existing 
shareholders -.Caledonian Hotel Holdings Limited, whose subsidiary Copthome will manage 
the hotel and who are part of the British Caledonian Group and J Jarvis & Sans pic - have 
Invested £1 million and lease finance of £3.53 million has been provided fhiough a member of 
the Security Pacific Group. 

• The hotel Is already substantially completed and scheduled to open in June 1087 and investors 
should recerve'their BES certificates snortly after. 

■ Investors should receive three toy benefits. 

- Income Tax relief. 

- exemption from Capital Gains Tax 

- the hotels Enterprise Zone status provides the Company 
with substantial flnancial.beneflts. 

• The offer price of £1.00 per share is supported by net assets per share of approvlmafely 74p, on 
maximum subscription. 

■ The present Directors have agreed to tote no remuneration until the hotel is profitable 

• The minimum investment bv subscribers is only £500. 

• Guidehouse Securities Limited (member of The Stock Exchanged has raised over £24 million for 

_ client companies since. the introduction of the Bustness Expansion Scheme. 


Further information pnd copies of the prospectus are ovailable.from: _ 

Guldehouse Securities Limited, Vestry House, Greyfriars Passage, Newgate Street. London EC1A 7 BA. 


Address- 


er can us directly on: 606 7001 (24 hn) or 606 6321. (Reh W.H.) 


St Pierre Park Hotel, the ‘break* 

The only way to maintain a healthy balance. 


Peaceful parkland setting, golf, tennis, 
swimming — and a comprehensive health 

suite — all without leaving the hotel Call us FREE on 0800 * 373*321 


on Guernsey. 

@Tfte 

S£Pierre 

VsL 


Signpost, Ashley Courtenay & Egon Ronay Recommended. 

Si Peter Port Guernsey, Channel Islands. Telephone (0431) 28282 


-HOTEL- 


**** 
AA & RAC 


Weekend Business 


10 i% 


PER ANNUM 
NET INTEREST 


HIGH YIELD ACCOUNT 
ALL AMOUNTS 


£500 min. 
10 p a. net fixed 


Interest may be paid annually, half-yearly or, for deposits 
over £50,000, monthly. One year’s notice to redeem, no 
penalty during notice period. For full details simply send 
this advert with your name and address. 

Enquiries from brokers, financial advisers, etc., welcomed. 


Tick your requirements 
BRADFORD INVESTMENTS PLC (D5) 

91 Manningham Lane, financial advisers, etc 
91 Manningham Lane, Bradford. West Yorkshire EDI 3BN 
Phone (0274) 725748 or Answerphone (0274) 737548 


Licensed Deposit Taker 


Established 1972 


P.Y.C. CONDUIT AND 
HTTINGS MANUFACTURER 


Equity suka available. Excellent 
record, USM potential. For further 
deuils. 

Writs Bor F72Q4. Financial Times 
10 Cannon Straat, London EC4P 4EY 


OLD ESTABLISHED 
NURSERY FilRKITUR: 


Importers and distributors to all 
National outlets, seek joint ven- 
turer able to otter finance and or 
management to promote greater 
future expansion. 

Write Box F7205. Financial Times 
10 Cannon Street. London EC4P 4BY 


PROFITABLE EXPANDING 
PRIVATE COMPANY 



SALE/MERGER 


Specialist surveyors connected with multi-million pound 
projects. Fee income £1.25m, profits exceeding £800,000. 
There would be substantial benefits from a merger with a 
major company connected in any way with the building 
deveiopoient industry. 

Could also be of interest to a major investor. 

All inquiries to: 

Eric Nabarro and Co 
124 Ewell Road, Surbiton 
Surrey KT6 6 HA 


Engaged in design and manufacture 
of pumping end related systems lor 
mainly overseas projects. Saaks 
persons to provide equity/loan 
finance under business expansion 
arrangements. 

Write Box F7201, Financial Times. 

10. Cannon Si. London EC4P 4BY 


FLORIDA 


Large area development land on 
Interstate Highway 95 close to 
Cape Canaveral and Orlando 
consisting of 5 contiguous paresis 


totalling approx T2 aq miles 
Price for entire area $10m 
To contact aimer direct write to: 
GrossmOnstarplatz 9 
8001 ZOricfc, Switzerland 


INVESTMENT CAPITAL FOR 
DEVELOPMENT & EXPANSION 


Finance and our well established export sales marketing experience 
available to businesses developing and manufacturing products with 
possible military or police force applications. 

We are a family controlled group of companies established tor 40 
years as contractors to various overseas governments and wa wish 
to expand our range of products by investment In dynamic companies 
who lack capital and overseas outlets. 

Please submit brief details of products, present and future aelsa 
potential, financial data etc to: 

Hughes Allen (Ref: MBL) Chartered Accou nt a n ts. Greenwood House 
Salisbury Court, London EC4Y 8BY. " ’ 


NASSAU, BAHAMAS 


Substantial invastor/partner required 
lor apartment development in prime 
location. Exceptional profit potential. 
Please write to our attorney: 

E. Dawson Roberts. Higgs & Co 
PO Box N818. Nassau. Bahamas 


_ Tel: BOB-322 47B2 
Telex: 20108 "Barrister” 


NARROW BOAT OWNERS 


Small, long-established and successful 


FOOD MANUFACTURER 


about to test-market unique product, newly-developed, wishes to 
collaborate with large Food or Drinks Company to set up 
Production and Distribution services world-wide, to cope with 
enormous potential. Substantial finance already available for Home 
Market purposes. 

Write Box F7202, Financial Times 
10 Cannon Street, London EC4P 4BY 


We era looking tor 4-12 berth 
nerrowboors. sponsored In our Reel 
commencing 1387 
ACT NOW 

Clubllrw Cruisers, Swan Lane Wharf 


Stoke Heath. Coventry CY2 4QN 
Tel: 0203/58864 


SHARE i . e dattons br own'd lew. 25 
iuue* ESO trial o«*r 3 Irarai £10. 
Send then to Rcndle. 6 Mole Road. 
FeCcham. Surrey, 


WEST INDIES 


Development comneny require 
INVESTMENT FINANCE 
Z PARTNER/SHAREHOLDER 
T- to develop eix acres beech front 
Hotel, apartments, cottages, 
houses, SIC. Full planning, 
gen Broun tax holiday 

- Principals only to: 

Bor F71S1. Financial Times 
10 Cannon Street. London EC4P <*BY 


WAREHOUSING OR 
LOGISTICS 
Central South Cease 

Up to 50.000 sq ft available with 
full aupport service*. If required 
offices available wirh telex and fax 
facilmas. 24 hour security 
Short or long term agreement 
available 

Write Bat F7196, Financial Timet 
10 Cannon Straat. London EC4P 4BY 


(QtUGElt RAND gold rains. Fifteen for 
wfaate .sale. No VAT. £200 each. 


PUBLISHING North West l. District 
BuMisher wiling Iona - rafaftlUfnd 
monthly weekly annual titles with 
considerable advertising revenue and 
excellent potential. Principals only. 
_ 1027 4) 569095 or write Box F7203. 
* . ■ owt, .10 Cannon Street, 


READERS ARE 
RECOMMENDED 
TO SEEK 
APPROPRIATE 
PROFESSIONAL 
ADVICE BEFORE 
ENTERIN6 INTO 
COMMITMENTS 


Financ, 


la 1 'iituzz .. 1 lt/S7 


FINANCE &TH£ FAMILY 



m 




John Edwards picks a way through the credit card jungle 


Seeking nuggets among the gold 


GOLD CARDS are no longer 
very exclusive. There are so 
many of these services now on 
offer, with ail kinds of attrac- 
tions attached, that it Ls diffi- 
cult to know which one to 
choose. So which are the best? 

As usual there is no simple 
answer: it depends what you 
want — merely a status symbol, 
easy access to money and 
services when you are travel- 
ling, or the ability to borrow 
with no questions asked at a 
competitive rate of interest. 

However, a guide* to bank 
gold cards, issued by Save & 

! Prosper this week, certainly 
! helps to see what is on offer. 

On most criteria, the best bet 
seems to be the NatWest Goid 
Plus service. It has no joining 
fee: tbe annual subscription of 
£50 is waived for the first year 
(and is only £40 if you pay hv 
direct debit): there is no charge 
for an additional card: and 
there are no bank charges for 
Gold Plus customers even if 
they are overdrawn. 

NatWest will also allow you 
to convert an overdraft on your 
normal account into a Gold Plus 
loan, with the standard upward 
limit of £10.000 paying interest 
at only 2.5 per cent above base 
rate. 

Like Barclays and Midland. 
NatWest offers gold card-holders 
direct access to its in-house 


stockbrokers and gives free 
investment counselling. 

To qualify for a NatWest or 
Barclays Premier gold card, you 
need an income of only £20.000 
a year compared with the norm 
of £25.000 required by most 
other suppliers (although Bank 
of Scotland sets tbe qualifying 
limit lowest ait £15,000). By 
contrast, Adam & Company and 
Courts set tbe minimu m income 
at £30.000 and confine their gold 
card service to customers only. 

Next best value in terms of 
cost are Adam and Save & 
Prosper, since they have no 
joining fee or annual charge. 
Both pay interest on balances 
held in current accounts and do 
no impose any service charge 
for cash withdrawals. 

However, with Save & Prosper 
you can use the £10.000 over- 
draft facility only after a one- 
year qualifying period. 

Emphasising the attraction of 
gold cards to travellers, the ser- 
vices offer free travel accident 
insurance. But American 
Express, Mastercard and Visa 
have all kinds of extra benefits 
for overseas travellers. 

“The Save nmd Prosper Guide 
in Bank Gold Cards, available 
free from Customer Sendees 
Department. Save and Pro*oer. 
2*. Western Road. Romford, 
PM1 3LB (Money Line 0800 
282101 ). 


BANK GOLD CARD SERVICES 


Charge 

card 


San k card 

Adam * Company VISA 


Gold Card 
Bank of Ireland 
Gold Card 

Bank of Scotland 
Premier Card 


Qualifying Standard 
grots annual overdraft 
income limit 

£30,000 £10,000 


Overdraft 

interest 


Joining 

fee 


2\% over 
base rate 


Annual Additional 

subscription card 

None No charge 


American 

Express 

VISA 


£25,000 £10,000 


£15,000 £1<U»0 


Barclays Premier 
Card 


£20,000 £7,500 


2\% over 
base rate 
2*% over 
base rate 
2*% over 
base rate 


£25 pa 


CHESS 


A BRILLIANT start of six 
consecutive wins gave Nigel 
Short a virtually decisive lead 
this week at the all-grandmaster 
IBM tournament in Reykjavik. 
Iceland. The event was played 
at the Loftleidur Hotel, home 
for the American delegation at 
the Fischer-Spassky match of 
1972, and Short’s play in several 
games evoked comparisons with 
Bobby Fischer at his peak. 

During his winning series 
Short defeated major rivals 
from the world top rank hi 
Timrnan. Ljubojevic and 
Korchnoi, as well as three Ice- 
landers. He then slowed down 
with draws against Portisch and 
Polugaevsky and a surprise loss 
to Hjartarson of Iceland, but 
remained clearly in front. 

Final scores at Reykjavik 
were: Short (England) 8/11: 
Tal (USSR) and Timman 


(Netherlands) ~: Korchnoi 
(Switzerland) and Portisch 
(Hungary) 6|; Polugaevsky 
(USSR) 6; Agdestein (Norway) 
and Amason (Iceland) 5$; 
Ljubojevic (Yugoslavia), Hjart- 
arson and Olafsson (both Ice- 
land) 4: Petursson (Iceland) 2. 


Short is officially seventh in 
the Fide world rankings pub- 
lished in January, but Ms 
double success at Wijk aan Zee 
and Reykjavik will place him 
much higher.. After Reykjavik 
his Fide ratings will rise to 
3fi4n-9fiK0. easily the best ever 
achieved by a British player and 
virtually level with Sokolov and 
Yusupov of the USSR, who are 
officially joint third on 2645. 
Knsoarov (2735) and Karnov 
(2710) are way out in front, but 
Short looks poised to advance 
to clear number three in the 
world. 

Fischer had a patent attark- 
olan against the. popular 
Sicilian Defence 1 P-K J . 
P-QB4. He used to develop his 


Businesses For Sale 


BUSINESS FOR SALE 
AIR DISTRIBUTION PRODUCTS 

Grilles, louvres, duct dampers, diffusers, etc. 

Manufacturer with Midlands leasehold premises, also 
distribute air conditioning auxiliary equipment. Offers invited 
for business as going concern. Turnover exceeds £lm. 
Principals or retained advisors. 


The Chairman, Box 111746, Financial Times 
10 Cannon Street, London EC4P 4BY 


PUBLIC WORKS 
CONTRACTOR 


SMALL PSIVATE 
PROPERTY COMPAHY 


Well-aatjblished, profitable com- 
pany operating in London and iha 
Homo Counties with vaiuebls free- 
hold. plant sic and good contacts. 

Turnover E2.5m psr annum 

Existing diractors/sharaholders wish 
to sell due to retirement. 


For Sale, with two high street 
properties — retail and private 
Innings — west of Central London. 

Price Guide £200.000 
Write Box WT768, Financial Timas 
fO Cannon Street. London EC4P 4BY 


Only direct contact with principals 
will be considered. 


PUBLIC COMPAHY 


Write Box H17B9, Financial Times 
10 Cannon Street. London EC4P 4BY 


MAJOR 

MOTOR DEALERSHIP 


Listed on a Canadian 
Stack Exchange, 
For Sale, Merger, etc. 

Please write: 

88 University Avenue 
Suite 806 
Toronto, Canada 
MSJ 1T6 


MIDLAND CITY 


The dealership, which holds loading 
quality imported franchise, is well 
situated In popular motor trade area 
and has good modern premises. It 
la well established and well slatted 
and enjoys an excellent reputation. 

Write Box HT752. Financial Times 
10 Cannon Street. London EC4P 4BY 


COMPANY a*r PIGEON SHOOTING A 
FISHING DAYS. Tailored to any needs, 
rail pretetfJanal lerrke. TH: 0425 
81 8826. 

COSTA DEL SOL (Martelti) — Top Recent 
Shoo for ul«. Phone: 01*221 779S or 
01-220 8952 weekdays and Saturdays 
E pm to 9 pm. 


Business 

Services 


TIFFANY MARBLE LTD. 


THIS UK COMPANY HAS THE 
UNIQUE SOLE TRADING 
STYLE FOR A FAMOUS 
EUROPEAN PRODUCT 


For details phone 0709 829021 


COMPUTER SUPPLIES 
COMPANY FOR SALE 


Based In London 
Salea approx. £1.3 million 
Well eatabliahed national coverage 
with excell ent g rowth potential. 
Write Box HT770, Financial Times 
10 Cannon Street. London EC4P 4BY 


Offshore & UK 
«— Companies 


ale. PouluMenr and nnmPiea sei ilrea 


BUSINESS 

ADVERTISING 


SBHTCOHFOiWJE8aMCaim 


8 Haunt PImm* Douglas, Meat Has 
TefcP— plea (88 Ml TIT1 8 
T e lia. rirW CTLICTl 

London ispreeents&re: 
a-iOMBowra. A— A 

London WV 

Tefc 01-4*342*4 'JUref 

Tetoc 2*247 5C8LDNB 


APPEARS EVERY 


SATURDAY 




AND 


imp . 

Mb 


Vgj^BROMBARD 


WEDNESDAY 


0273-728311 



Courts Gold Mastercard £30,000 £10*000 

Mastercard 

Grtndlays Gold American £25,000 £10,000 

Card Expres s 

Lloyds Bank American £25,000 £10,000 

Gold Card E xpress 

Midland Gold Mastercard £25,000 £10,000 


£10*000 


LJoyds Bank 
Gold Card 


2f% over 
base rate 
21% over 
base rate 
2i% over 
base rate 


£40 £10 P*. 

(£35 if paying 

by direct debit) 

£60 No 

charge 

£50 £50pAi 




i n i' 

v \l ^ 


£50 P* 


Midland Gold 
Service 


2J% over 
base rate . 


NatWest Gold Mastercard £20,000 £10,000 

Plus Service 


21% over 
base rate 


£50 No 

(£40 if paying by charge 

direct debit) 

Waived in first . 

/ear 


Robert Renting/ VISA 
Save 8t Prosper 
Premier High 
Interest Bank 
Account 


£25,000 Up to £10,000 
afteroneyear . 
qualifying period 


4% aver None 
LISA gross 
compounded 
annual rate 


Royal Bank of American £25JXH) £10,000 

Scotland Gold Card Express 


21% over £20* £50 

base rate 


£25 PA 


• Waived for existing American Express cardholders. 


Source; Save A Prosper Guide 


A Up 


bishop at OB4. then advance his 
pawn to KB5 and force open tbe 
bishop's diagonal. Short also has 
his special anti-Sicilian idea, 
pushing forward his king’s side 
pawns on a broad front and 
often placing the bishop on the 
KR3-QBS diagonal 

Occasionally it comes un- 
stuck. as in last Saturday's 
televised game against 
Kasparov, but in general 
Short’s attack is becoming as 
feered as Fischer’s was in the 
1960s. 

White: N. D. Short (England). 
Black: L Ljubojevic 

(Yugoslavia). 

Sicilian Defence (IBM 

Reyklavik 1987). 

1 P-K4, P-QB4; 2 N-KB3. 
P-Q3; 3 P-Q4, PxP; 4 NxP, 
N-KB3; 5 N-QB3. P-QR3; 6 
B-K3. P-K3; 7 P-B3, B-K2. 

Kasparov went 7. . - QN-Q2. 
Short had a good opening, 
hut was outplayed later and 
the world champion went 2-0 up 
in the six game series. Tonight’s 


game is screened on Channel 4 
at 6.30 — watch for a better per: 
form an ce by our hero. 


8 Q-Q2. P-QN4; 9 P-KN4, 
B-N2; 10 04W), 04); 11 P-KR4, 
N-B3; 12 NxN. BxN; 13 P-N5. 
N-02; 14 N-K2! (regrouping to 
strike at Black's KP), P-Q4; 15 
N-Q4, B-N2: 16 B-R3, N-K4; 
17 Q-K1J 

Ostensibly, White is prevent- 
ing QPxKP, but the subtler 
purpose is to lure the black 
queen away from the centre. 

17.. .N-B5; 18 P-B4, N±B; 19 
QxN. Q-R4; 20 K-Nl. PxP? 21 
NxKP! 

Black should have played 
KR-Q1. Now if 21...PxN; 22 
BxP ch. K-Rl; 23 R-Q7 regains 
the piece with a decisive attack. 

21.. -KR-K1; 22 P-R5! 


22...&Q1; 23 R-Q7. B-QB3; 
24 Q-Q4, B-B3; 25 PxB. BxR; 
26 QxB. Q-N3; 27 NxP, KR-Q1; 
28 Q-N4, K-Rl; 29 N-K8! Resigns. 


iithi 


PROBLEM No. 662 
BLACK ( 1 man) 




Short's hidden point is that if 
PxN: 23 BxP ch, K-Bl: 24 P-R6 
(PxP: 25 Q-Q4) fatally exposes 
the black king. Suddenly, Black 
has no reasonable defence. 


WHITE( 5 men) 

White mates in two moves 
against any defence (by K 
Junker, 1956). 

Solution Page XXI 

Leonard Barden 


Businesses 

Wanted 


Educational 


SECURITIES 

DEALER 


With currant valid license required. 
Trading or non-trading. All replies 
in strictest confidence. 



international 
Institut Le Rosey 


7180 Rofle (L. Genera), Switzerland 

SUMMER CAMP 


Write Box HT771. Financial Times 
10 Cannon Street. London EC4P 4BY 


MEDIUM SIZED 
FULLY LISTED COMPANY 


seeks to acquire (or cash, a 
majority shareholding in a retail 
outlet involvod in modem and 
antique furniture. 

Wrira Bo* HI 701 . Financial Times. 
10 Cannon St. London. EC4P *BY 


" One °f the best in Switzerland " ; 

For boys and girls 9-16 years from 12th July to J5th August 1987> 

* Beautiful Chateau setting and waters ports centre 

* French. English. German and Computer Classes . • 

* 18 Sports to choose from ■ 

* A wide variety of activities and excursions 

* An optional I week cultural tour of France 


For further information contact the address above or call 
0041 21 75 15 37 


WANT TO SPEAK FRBICH? 


EXPANDING PRIVATE 
MANUFACTURING GROUP 


You can, tivuueti the “ TOTAL APPROACH *• to Frencfa 
a ootwe 4-wook mwramma on wo Riviere 


Wishes to acquire company engaged 
in Plsstlc/Rubbar production and 
assembly, such as Water/Gss 
Valves/Domeatic Appliance/ 
Automotive assemblies 


COMPLETE ALL-DAY IMMERSION. ONLY IN FRENCH: Dally S -30- 17.00 with 
2 meals. In small grouns. Audio-visual Classes, Language tab, practice SusKms, 
Excursion Lodging in private apartments Included. FoTadulS 
6 levels: from beginner I to adv arced II. ‘ • 


Replies, principals only please, to: 
Box HT7S6. Financial Timas 


Neoct 2. 3 or 4-weok Immersion counts starts 30 March and all year 
Years of research 6 experience lo the affsarva reaching of French to adults 


10 Cannon Straat. London EC4P 4BY 


INSTITUT DE FRANCAKE — FTC7, 23 Avc GfintraLLeden; 

06Z3O Vlllclrajiclw-Siir-Mer - Tel: Oil 01-88-44 - TOsn 9709S9 F 


Appointments 


Investment advisors: 

is new ownership 
causing you problems? 


Ifa new owner of your house is cramping your 
style, come and talk to us. 

We are . a merchant bank that ‘has been 
■virtually unchanged by Big Bang. We have an 
established reputation for dose contact between 
manager and customer, with a long tradition of 
personal sendee. We have offices throughout the 
country, as well as in London together with our - 
wholly owned subsidiary in thelsle ofMan.We are 
investment managers operating worldwide on a 
discretionary basis, with a highly efficient admin- 
istrative back-up. 

Ifyou feel that joining us will let you continue 
with the sendee you have been used to giving, 
please phone John Hodson or Michael MeUuish' 
on 01-623 3000.H ' 





Singer Sc Friedlander. 


LONDON, LEEDS. BIRMINGHAM. NOTTINGHAM, 
BRISTOL, CAMBRIDGE, GLASGOW ISLE OF MAN. 









FINANCE &THE FAMILY 


Hold certificates safely 


1 recently retired having 

' ST 1 ]«*p sam. Invested by a 
£ ? a P cal adv *ser in a spread 
of income bearing Unit Trusts 
and an msnraace property bond. 
‘ .to eases I have only the 
;contract notes sent to me and 
not.tbe certificates. 

The various Unit Trusts send 
me the income direct at my 

- . home address. Should I hot 
i.hold the certificates? 

. . X ou ^J®uld be wise to ensure 
- . that ell the certificates' are in 
Repins. If they are not 
V yon. their whereabouts 

should be ascertained and re- 
ceipts or some other acknow- 

- ledjremest mat they areheW 
for you should be obtained- 

# Appeal on 
VAT charge 

A two-storey gable wall on 
my house, which is listed Grade 
It has been taken down »"<* 
rebuilt. For this Listed 
B adding Planning Consent had 
to be given 

The wall was of stone wfth 
earth infill. It is now a cavity 
wall of breeze blocks rendered. 
Two windows have been 
altered and enlarged from 
16 sq ft each to 28 sq ft each. 
Tile VAT office maintains that 
this is a repair and not an 
alteration and therefore is not 
zero rateable. It is admitted 


that the wall was originally in 
a had state. . 

Is this reasonable* and If it is 
not is there anyone to whom .. 

I can appeal? 

In relation to listed buildings 
alterations for which, listed 
building consent is necessary 
are zero rated. Such zero rating 
does not include works of re- 
pair or maintenance even 
though they are included in the 
listed building consent. 

In your case you should argue 
that the wall is different from 
the original wall because it is a 
cavity wall and also that the 
sizes of the windows have "been 
increased. The argument is that 
because the wall is different the 
change cannot amount to a work 
of repair and maintenance. If 
the VAT office, does not agree 
and fails to eive you reasons 
which you find satisfactory you 
can appeal against its decision. 
An appeal lies to the VAT tri- 
bunal which is independent of 
the VAT office. Your local VAT 
office will give you a booklet 
explaining the appeal proce- 
dure. 


Interest 

withheld 


While engaged on a temporary 
contract abroad, I let my 
main residence in London 


BRIEFCASE 


through agents. They informed 
me part way through the let 
that, until I formally 
established exemption from 
tax, they were liable under 
the Taxes Management Act 
1970 as managing agents for 
tax on profits made by overseas 
non-resident landlords. They 
therefore deducted from May 
1984 amounts calculated at the 
standard rate and M recorded 
these in a separate tax acconnt 
in the name of the individual 
landlord.” 

It has taken some two and 
a half years to establish my 
tax position, bat the agents 
have now accepted to release 
to me the money they hold 
in the tax reserve. 

I have asked them to credit 
me with interest on the sums 
held in this reserve, and 
indeed, had notified them in 
earlier correspondence that I 
would be expecting this. They 
have now replied: “ With 
regard to interest on these 
monies, I regret to inform you 
that it is not company poUey 
to pay interest on monies 
withheld by us.” 

Is there not an obligation on 


Keep those gains 
in the family 


Early action can XYZ*s profits continue to rise 

and a stock market quotation 
Save CGT bills, looks likely for the autumn of 

1988 Spending upon market 
particularly If you conditions at the time. During 

cnpnil rim* abroad ^e tax year 1987-88. and in 

spend nme aoroaa anticipation of the flotation, the 

APART FROM providing a J/K trustees of the accumuia- 
company with money, for expan- t,on , maintenance trust are 
sion a stock market flotation r e P{ aeec ^ resident 

also gives the hard working 
shareholder a chance to cash-in" 
on some of the value he has 25n 


created over the years. 

Although -profits from the. 
sale of shares are normally 


• I AM indebted to Jos£ Le 

h £< f\ #Tr A m v* £1 Dentu, whose articles I enjoy so 
/I III J much, for this hand from a 
° ru er. n 

^ ♦J109532 

family . !«“, 

♦ Q 8 6 4 * A 

XYZ’s profits continue to rise ^ — ? £ 9 ® 3 

and a stock market quotation Y iP.Ar, Y 

looks likely for the autumn of * Q J S 7 4 * A K 10 3 - 

1988 depending upon market s 

conditions at the time. During z , „ 

the tax year 1987-88. and in £01082 

anticipation of the flotation, the ^ 

UK trustees of the accumuia- * 96 5 

tion and maintenance trust are East dealt at game to East- 
replaced by trustees resident West and opened with one dub. 
in Jersey. This action triggers South overcalled with one heart, 
the "held-over” gain of I97.0D0 West raised the dubs, North 
on which capital gains tax of said two spades, and East 
£29,100 will be payable by the jumped to four clubs. After two 


trustees on December 1 1988. 
Stock market conditions in 


chargeable to capital gains tax autumn 1988 prove favourable 


there are a number of ways 
in which CGT can be mitigated 


and the flotation of XYZ is a 
great success with heavy over- 


by tbe farsighted shareholder subscription for its shares— it is 


who is properly advised and 
takes early action. 

Taking a theoretical example^ 
■Bob Jones started his own com- 
pany, XYZ Ltd, in 1982 with 
£10,0 00 o f . share capital. By 
1986 XYZ has become profitable 
and Bob is advised to transfer 
30 per cent of the shares into 
an “ accumulation ; and main- 
tenance ” trust for" the benefit 
of his three children while the 
value of XYZ’s shares is still 
relatively low. 

The SO per cent of XYZ is 
estimated by his accountant to 


capitalised at £3m. Bob decides 
to sell £lm worth of his shares, 
on which CGT of some £300,000 
will be payable. 

The Jersey trustees of the 
accumulation and maintenance 
trust sell half their shares in 
XYZ (Le., 15 per cent) for 
£450,000- and this is received 
free of all CGT because the 
trust is now resident fa Jersey 
for tax purposes. The tax nay- 
able of £29,100 on the “held 
over” gain can , now be. funded 
nut of the sale proceeds. 

In January 1989, Bob's eldest 


be worth £100,000 but no tax son Oliver decides to work in 


at all is payable on the gift 
to tbe trustees. This is because 
the capital gain of £97,000 (ie 


£ 100,000 less the original cost- nance 


Hong Kong for two years. This 
event prompts the trustees of 
the accumulation and mainte- 


distribute 


of 30 per cent of £10,000 and Oliver's share of the trust funds 
’ ignoring the indexation allow- to him. particularly as this will 
ance) can be “held-over” by mean that any cash can be oaid 
the trustees so that no tax is r free of all tax while Oliver is 
paid until the shares are sold a non UK resident 
or the UK trustees are replaced The early 1990s find Bob 
by non-UK resident trustees. Jones In a restless mood and be 
The gift is also exempt from decides to leave the UK for 
inheritance tax although there Spain’s sunny shores.- He emi- 
• mav be a charge on Bob's estate grates in March 1991 and sells 
if be dies within seven years, his remaining XYZ shares. 
Bob is advised that the present ^ now worth £2m. after 
favourable inheritance tax. Apr j] 5 1991 . The £2m sales 
regime could be the first proceeds &ould be free of UK 
. casualty of any future change provided Bob stays out of 
. in Government and that he ^ xjk for at least three tax 
should make gifts now, if it yeaj^ does not return for more 
is at all feasible. than 90 days per year and does 

The accountant s valuation of nQ ^ retain a home in the UK. 


£ 100,000 fbr i a 30 per cent shanj 0verall Bob hi* family 

holding wll ^ have received £3,450,000 

with S«f ha f®fJi ll K.VMueTn fro® *e “le of XYZ shares, 
sion of the Inland Revenue in mere £329,100 in 


MUU wi ■— 7 * « 

due course. There are several 
factors to take into account in 


from the sale of XYZ shares, 
and paid a mere £329,100 in 
CGT. This ignores the shares 
still held by the Jersey trustees 


W 

♦ Q 8 5 S 
9 A 205 
09762 
*A7 


E 

♦ A 10 4 
032 

0108543 

*KQ10 


values such 81111 new U1B ■»**«** 
calculating share values suen ^ ^ dlstj1buted t0 

as the dividend record (if My). ^ s<m 01iver> Had Bob taken 


recent profit levels, net assets 
and the price of shares in com- 
parable quoted companies. 

P An important consideration is 
the size of the shareholding 
being valued. Minority share 
hMdines will have a signifi- 
cantly lower value per share 


no avoidance actios "whatsoever, 
the tax bills would have 
amounted to £1.035,000. 

•“ Tax Aspects of Going 


♦ 7 

OKQJ9878 

OAKQJ 

*5 

West dealt at game-all. South 
opened the bidding with two 
hearts, and went four hearts 


Public," by David Cohen of after his partner's response of 
Paisner and Co, and John Power two no trumps. The ace of clubs 
of Touche Soss, price £S.SO is was led and a second club was 
available from Chartac Boohs, ruffed in hand. 

The Institute of Chartered The declarer played his king 


than controUittt ST tai ’ „ 

of more than 50 per cent but j ns ^ tlXte D f chartered The declarer played his long 

most important of all u i the Accfmntania ** England and of hearts. West won with the 

fact that shares m WWKrteg Wales. 399, Silbury Boulevard, ace and switched to the three 

companies tend to centml Milton Keynes, MK9 of spades. East took bis ace 

. w K than shares 01 r— _ tha trincr nf chins. 


CQUllJfUUW . .UgMS of 

«*2L TSSLS? the ®L. 


sstrs-ws-— 

action. 


John Power 


of spades. East took his ace 
and returned the king of clubs. 
South ruffed with his knave of 
trumps and West rightly dis- 


■ PRE-ELECTION TAX PLANNING 


How do flte taxation policies of the 
po litical parties affect yon 
and your business? 

«3iesaaaa!ssa agas *. 

““ ^^andtoanesses in the critical preelect ion pen od. 
landand anew sg.pagepuhJicationarailable 




m 


*1 




0 ClarkWtoAffl ______ __ _ 

j a copy ; • • j 

j Ngtne ^— j 


estate agents and the like to 
pay interest on clients’ funds? 
We can see no sound basis on 
which interest can properly be 
■withheld from you. The sum 
was held in a separate account 
which must have been in the 
nature of a trust account, with 
you as the beneficiary. 

Seals for 
covenants 

My granddaughter was boro In 
March 1986 bnt there was some 
delay in choosing her name, 
which I learned only on April 
4, so that the completion of a 
Deed of Covenant was urgent. 

I did not have a standard 
covenant by me and composed 
the wording from memory. 

The inspector demurs and 
rejects the covenant as invalid. 
My Impression of the validity 
of a legal document is that the 
intention of the agent should 
be clearly expressed and the. 
document witnessed, as in this 
case. 

All that is missing are tbe 
words ** Sealed and delivered,” 
for the document was 
immediately delivered to the 
inspector. The Seal, it appears, 
may be “ popularly ” omitted, 
so it is a small extension to 
omit the word. 

Should I appeal further against 
this filling, which eeems petty? 
English law (unlike Scots law) 


BRIDGE 


No legal lesBBns’biiitr can ba 
accepted by The Financial Times lor 
iha answers given m these columns. 
AH inquiries will be answered by 
posl as soao as possible. 

has a superstitious regard for 
seals. Without a seal, the docu- 
menl which you signed on April 
4 last year does not impose any 
legal obligation, upon you: you 
can default without any fear of 
being sued. Since you are under 
no legal obligation to make the 
promised yearly payments of 
£170, your undertaking to do so 
is revocable at will, and vou are 
caught by section 445 ’of the 
Income and Corporation Taxes 
Act 1970 (revocable settlements 
allowing release of obligation). 
This is not the full explanation, 
but no doubt it will suffice to 
persuade you that there is 00 
point in arguing with the tax 
inspector. 

The reason why sealless 
covenants are quite often 
accepted as legally enforceable 
if the attestation clause includes 
a statement that sealing has 
taken place is merely that the 
Courts are reluctant to assume 
that a signed and witnessed 
statement is false. In the 
absence of evidence that sealing 
did not in fact that place, there- 
fore, the Courts presume tha t a 
seal was affixed but sub- 
sequently fell off. At is appears 
to be becoming commoner for 1 
people to be prepared to put 
their signatures to false state- 
ments that documents have been 
seated, Engtisti Courts may well i 
adopt a less indulgent attitude 
towards purported deeds which 1 
carry no physical marks of ever ! 
having had a seal affixed to 
them. I 


trump and East held the ace 
of spades, which would allow 
him to obtain the lead and re- 
turn the king of clubs. 

Sn South should play his ace of 
if LJrtc tn diamonds — that adds to the 

AfStin d P'<l uanc y — and ruff with dum- 
the contract was defeated. my s solitary trump. He then 

Had the declarer studied the ,e ? d s the knave of clubs. East 
position carefully he would wins, and South discards his 
have seen that, so long as the seven of spades. This delight- 
trumps broke 3-2. the only pos- loser-on-loser play cuts the 
srble danger was trump pro- enemy lines of communication, 
motion. This could occur if ^ 




plans beat all others. 


We offer the best “with profits 9 pension plans available, by combining 
maximum flexibility and unrivalled performance. 

In the surveys conducted by Planned Savings magazine of 5 and 10 year 
regular premium wit h profits pension plans for top executives and other 
employees. The Equitable has come top more often than any other company. 

Of course the past cannot guarantee the future but what better way is 
there of judging a company than by a record of such consistent excellence? 

How do we achieve these results? 

First, because as a mutual company, we have no shareholders to nibble 
away at the profits. Second, we pay no commis sion to brokers o r Tpiddlemenj So 
more of your money is invested. 


should you decide to retire earlier than planned— yon get the full value of your 
fund accumulated to date. 

Don’t forget that unless you spend mostof your worldnglife with the same 
firm, you’re unlikely to get the maximum pension, which is 2/3 of your final 
salary. If this applies to you and you make pension contributions or less than 
15% of your current salary you could be eligible for an Equitable top-up pension. 

So if you want the best all round pension plan available send off the 
coupon or *phone 0296 26226 today. 

*Io: The Equitable Life, FREEPOST Walton Street, AYLESBURY, Backs. HP21 7BR. Pd 
welcome further details on Cl individual Pension Plans; □ Unit-linked based alternatives. 

(UK residents only) 

Name (Mr/Mrs/Miss) 

Address I 



Bastcode 
Date of Birth 



Tel: (Office) 


Founded 1762 


I 


The Equitable Life 


'You gain because we’re different. 


____j 


West held ate. ten and another 


E. P. C. Cotter 


passes North bid four hearts, 
and East’s double closed tbe 
auction. West led the queen of 
clubs. 

If South ruffs in dummy and 
returns a spade. East wins and 
forces dummy with another 
club. A spade is led back. East 
ruffs, the spade suit is a frozen 
asset, and with the king of 
diamonds offside South ^oes 
down. 

The declarer, however," Tore- 
saw the possible 4-1 spade break 
and avoided all danger by 
superb play. He jettisoned his 
king of spades on the ace. The 
defence was helpless. A club 
return was raffed on the table, 
trumps were drawn — the finesse 
was marked — and the seven 
of spades was led to concede a 
trick to the queen and set up 
the rest of the suit. 

West can, of course, cash a 
club trick but that is all. The 
defence take just two spades 
and one dub. 

The unblocking of the king 
of spades is a surprising safety 
play. Instead of the more usual 
loser-oa-loser play, the declarer 
prefers a winner-on-loser play. 
I wonder bow many players 
would spot that winning line. 

West should not have 
doubled. Five dubs has much 
more to recommend it. 

The declarer who played the 
next hand did not show the 
same foresight: 

N 

♦ KJ962 

<?4 

O — 

+J986432 


Do you have the 
investment 
instincts of 



■ S ?rV; ,/ ' 

• *U 

: ; -jit 


' r ' 

..... N f 


A New Opportunity 

If you are searching for an adventurous investment 
opportunity, offering the chance of superior long-term 
growth, have you discovered our new Frontier Markets Ihist? 

This fund is not investing in yesterday’s successes but 
in the markets and economies that have the potential to 
be tomorrow’s winners. We call these “Frontier Markets’. 

Their appeal is growth potential. Last year, the 
Philippines and Mexico were the fastest growing markets 
in the world whilst die Spanish stockmarket was Europe’s 
top performer. This demonstrates the exciting 
opportunities offered by Frontier Markets. 

Tomorrow’s Winning Markets 
Gartmore Frontier Markets Trust, the first of its kind to 
be launched in the UK, is making a two-pronged push 
into this untapped territory. 

A major portion of the portfolio is invested 
directly in a spread of developing markets, many of 
which are to be found in tbe Far East and Asia, including 
Taiwan, Korea, Thailand, the Philippines and Malaysia. 
Some Frontier Markets are closer to home - Spain and 
Turkey - while some Latin American countries also 


■ r .0 - / 

k. - - • - V"'-' 

Ifv . § ! V"' ■ ..-r 

IA/ 



contain interesting investment prospects. The balance of 
the Fund is invested in companies, listed on established 
stockmarkets, which derive a significant proportion 
of their profits from Frontier Market economies. 

Gartmore’s International Expertise 
A unit trust venturing into these new territories needs a 
special kind of management Gartmore, with its long- 
established international investment network, is ideally 
suited to this task. 

This Fund, by its very nature, should be regarded as a 
long-term investment, with a risk factor amply balanced 
by its high growth potentiaL 

Remember, the price of units and the income from 
them con go down as well as up. 

If you want to be a pioneer investor, several steps 
ahead of the crowd, complete the coupon today, talk to 
your adviser, or call Jo Durrant free on 0800-289 336 
(24 hour service). 



GARTMORE FRONTIER MARKETS TRUST 


GQSKAL INFORMATION Applications wffl be acknowledged and certificates will be forwarded 
within six weeks. 

Tod can sell yoor units bad: to os at not less than tbe minimum bid price on any dealing 
day. Tba wffl aormsUf receive a cheque within seven working days of die Managers receiving yonr 
renounced certificate. 

The offer price of unis daring the initial bnnrh period, which ended on 6 tb March 1987, was 
25p and the estimated current gross yield is 0.5 %-Dnits can be bought at a current daily offer price. 
Rices and yields will be quoted in hading national newspapers. The That is constituted and administered 
by a Dust Deed dated 29th January 1987 and authorised by the Department of Trade and industry. 

The income of the Fund is distributed by the Trnstee on tbe 31st May, tbe first payment being 
31st May 1988 together with certificates for unitholders tax credits, which may be reclaimed from 



fite Inland Revenue by those entitled to do so. 

Tbe IVust has an initial Management charge of 5— 5 *.'b. The annual charge is set at L25% per 
annum (plus VATt of the value of the Fund which is deducted from the assets of the Trust (as 
compared with the maximum of 2% permitted in the Trust Deed, and the Managers must give cnJt 
holders 3 months notice of uy increase). 

Remuneration is paid to qualified intermediaries: Rates available on request. 

The Trust Deed permits investment in traded options within the limits allowed by the 
Department of Trade and Industry. 

The Trustee is Coutts & Go. Tbe Managers of the TVust are Gartmore Fond Managers limited, 
2 St Mary Axe, London EC3A SBP. Tel: 01-623 1212. ( Member of tbe Dnit Trust Association.) 

Thisofferls not available to residaits of the Republic of Irdand. 


To: Gartmore Fund Managers Ltd, Frontier Markets Dept, 2 St Mary Axe, London 
EC3A 8 BP. 

1/We endose a cheque forlii (minimum £500) 

payable to Gartmore Fond Managers Ltd. to be invested in the Gartmore Frontier Markets 
Trust at die offer price ruling on the day of receipt 
BLOCK CAPITALS PLEASE 
Surname (Mr/Mrs/Miss/TItle) 


First Names (in full) 



'LflPftnWmwc 


/>w/fwmimiiiiniiuilHHiiiiiiiiiiHmVJJi^*S 


iwfimwi; "In Portugal.' 11 topautiiuf 

marble-lir»W»ed. 2 bad new apartments 
5n views, pool. bar. restaurant. Com. 


(Joint applicants must all sign and attach names and addresses separately.) 
Tick box for automatic reinvestment of income — — — 


Weekend FT* Property Paces • j)l489 0031 


_□ 
FT 7 3 






X WEEKEND FT 


Financial 1111165 Saturday March 7 1987 


D l V E R S I O N S 



Motoring: Stuart Marshall reports from Geneva on 
the highlights at the motor show 





The new Mercedes-Benz 300 CE coupe. 


No expense spared 


WHAT BETTER place cau id 
there be than Geneva to intro- 
duce the car for the man who 
already has absolutely every- 
thing else? Hooper, coach- 
builder to the royal family for 
most of its 150-year history, 
chose the motor show in this 
affluent Swiss city to introduce 
the ultimate in conspicuous con- 
sumption — a two-door Bentley 
coupe that sells for £275,000 
and is arguably the worlds 
most expensive motorcar. 

The Hooper Empress n is 
based on the Bentley Turbo R, 
which sells at the relatively 
modest price o£ under £100,000. 
According to Hooper’s cbair- 
man. John W. Dick, the Em- 
press n is a state-of-the-art 
vehicle, a future classic de- 
signed to last well into the 21st 
century. 

Under its hand-beaten body 
panels are standard Turbo K 
mechanical components, but 
the interior is. as you might 
expect, rather special All four 
seats are electrically adjustable. 
The cocktail cabinet fs stuffed 
with Waterford crystal (what 
else?) and 15 specially tended 
Scandinavian cattle free from 
warble fly gave their lives to 
provide hides for the uphol- 
stery. 

Two cars, one each in left 
and right hand drive, have 
already been sold and a 
third is now being produced. 
Small numbers will be built to 
individual order. The painted 
radiator grill is tilted back- 
ward and the general appear- 
ance calls to mind a Bentley 
crossed with a Mercedes 600. 

The Hooper Empress H 
apart, the Geneva show has 
little that is brand new 
although a great deal of absorb- 
ing technology is to be seen, not 
least on the Japanese manufac- 


turers’ stands. Honda, for ex- 
ample, is showing four-wheel 
steering ("soon to be intro- 
duced,” it says, “on general 
production cars”) as well as 
full-time four-wheel drive and 
ABS brakes. 

Nissan’s Terrano 4X4 is 
being sbown for the first time 
in Europe. It has independent 
front suspension and a coil- 
sprung rear axle and is clearly 
aimed at buyers who go offload 
infrequently but wish to do so 
in great -comfort. 

As expected, the Mercedes- 
Benz 230 CE and 300 CE coupes 
are a centre of attention. Al- 
though based quite closely on 
the mid-range saloons, they are 
slightly shorter in the wheel- 
base and lower on the ground 
to emphasise their sporty 
nature. 


Large capacity engines 
are reappearing in 
numbers. So much for 
the prophets of doom 


They weigh a little more than 
the four-door saloons because as 
true pi Harless coupes, they 
needed reinforcement and extra 
equipment With typical 
thoroughness. Mercedes has a 
vacuum-operated lock on the 
front seat backrests. Stop the 
engine, and they fold forward 
to let people into the back seats 
without any fiddling with 
catches. 

The coupes, winch replace the 
former 230 CE and 280 CE 
models, are a little roomier 
inside though not so spacious 
as the 200-300 saloons; nor is 
the boot so big. But for 
elegance, one always has to 


Company Notices 


Fidelity Special Growth Fund 

SocitedTii wtfiaeiwnt iCatBlil Wriile 
37, roe Noet-Qamc. Loxembamg 
R.CLuxcmboarxB 20095 

Notice of Annual General Meeting 

Notice is hereby given that the Annul General Meeting of the 
siwrehoktexsof Fidelity Special Growth Fond, a soactccnitvcsrissemeot 
a capital variable organized trader the laws of the Grand Duchy of 
Luxonboant (the Fundi will be held at the principal awl registered office 
of the Fond, 37. nic Notre-Dame. Luxembourg, at 11 :00sun. on March 26. 
1987, spec ific ally, but without Bnritaiton, tor the tbflowing purposes : 

1. Presentation of the report of the Bond of Director!. 

2. Presentation or the report at the Sutouoiy AutStoc. 

3. Approval of the balance sheet at November 30. 1986 and income 
statement for the fiscal year ended November 30. 1986. 

4. Discharge of Board of Directors and the Statutory Auditor 

5. Election of eight (S' Directors, specifically tire re-election of all 
present Directors. Messrs- Edwaid C Johnson 3d. Wiliam L. Byrnes. 
Charles A. Frasen Hisashi Kurokawa. John. M.S. Patton. Harry G.A. 
Segsennan and HJF. Van den Hovea and Fudmuost. 

6. Ejection ol Coopers and Lybrand as tbc Statutory Antfitot 

7. Declaration ol a cash dividend and authorization of the Board of 
Directors to declare additional dividends in respect of fiscal year 
1986 if necessary to enable the fimd to qualify for distcibator status 
under United Kingdom tax law. 

S. Consideration of such other business as may properly come before 

the meeting. 

Approval of the above items of the agenda wSreqaire no tpnmm 
and the affirmative vote of a majority of the shares present « represented 
at the meeting. Subject to the Cnnt a tions im posed by law and dm Article* 
of Incorporation of the Fund, each share is entitled to one vote. A share- 
holder may aa at any meetinR by pro 

Dated: February 26. 1987 

By order of tbe Board of Directors 


Legal Notice 


No. 00632 of 1987 

. IN THE HIGH COURT OF JUSTICE 
1 Chancery Division 

In the Manet ol 
B8MROSE CORPORATION 
PUBLIC LIMITED COMPANY 
end in the Manor of 
the Companies Act 1885 
NOTICE IS HEREBY GIVEN that a 
; Petition was on the 16th March T987 
presented to Her Majesty's High Court 
of Justice for die confirmation of the 
cancellation of tha lhaee premium 
'account of the above-named Company. 

AND NOTICE IS FURTHER GIVEN that 
the said Petition is directed to be heard 
before the Honourable Mr Justice 
Vmetott at the Royal Courts of Justice, 
Strand. London WC2A 2LL. on Monday 
the 10th dey or March 1987. 

ANY Creditor or Shareholder of the 
said Comoany desiring to oppose the 
making of an Order for the confirma- 
tion of the asfd cancellation o< tha 
share premium account should appear 
at the rime of hearing in person or by 
Counsel tor that purpose. 

A copy of the said Petition will be 
furnished to any such person requiring 
the same by the undermentioned Soli- 
citors on payment of the regulated 
charge lor the seine. 

DATED this Btfi day of March 1987 
□ BNTON HALL BURGIN & WARRENS 
Denning House 
90 Chancery Lane 
“ London WC2A VEU 
(ref: CAH/AMBD) 

SoMeitom lor the eahf Company 


Gardening 


GROW ASPARAGUS 

It requires less work than any 
other crop. We supply crowns 
(traditional and "all male”) weed 
suppressors and full instructions. 

Send a stamp for leaflet 
" Modern Aapermragua Growing" 
with pr lcm list to: 

F. M. B EMMETTS 

Long Compton. Shipton on Stour - 
Warwickshire CV38 BJN 


Clubs 


EVE HAS OUTLIVED 
THE OTHERS 

BECAUSE OF A POLICY OF 
FAIR PLAY AND 
VALUE FOR MONEY 

Supper from 1 0-3 JO am. Dijco 
and top musicians, clamorous 
hostesses, exciting floorshaws. 

\89 Regent Street, W1 
OUTW 0557 


Weekend F.T. 
Advertisement Rates 
from January 1st 1987 




Single 


Per 

column 


line 

an 


fmln. 

fmin) 


3 lines) 

3 ems) 

Residential Property 

£ 

Mono 

6.00 

25.00 

Spot Colour Per Colour 

65.00 

Full Colour 
Motor Cera. Travel 


33.0 a 

Personal, 

Mail Order 

9 09 

30.00 

Diversions 


30.00 

Weekend Business 

ilia 

39.00 

Arts, Collecting 

9.00 

30.00 

Art Gallerias 
Special Reports 

1.50 

— 

r Leisure and 

Consumer Subjects) 

30.00 


All Prices Exclude VAT 
For further deceits write to; 

Classified Advertisement 
Manager 

Financial Times 

10 Cannon StreeL London 

«G4P 4BY 


suffer a little. The new cars 
will make their British debut at 
Motorfair next October at prices 
which are not known but are 
bound to be high. 

At the other end of the scale. 
Daihatsu has chosen Geneva as 
European launch pad for a 
brand-new Charade range, just 
10 years after the original 
model appeared. The power 
unit remains a one-litre, three- 
-oyiinder petrol or turbo-diesel 
engine and Daihatsu claims a 
world first with a twin-cam, 
four valves per cylinder petrol 
turbo which drops into the 
smallest car yet with a GTi 
badge. 

Citroen is showing a new 
range of CK turbo-diesels with 
intercooling, which boosts out- 
put from 95 hp at 3.700 rpm to 
120 hp at 3.900 rpm. The CX 
diesel has always been a splen- 
did long-distance cruiser. With 
the extra power and a 29 mpn 
per 1.000 rpm fifth gear, it 
should be better still for refine- 
ment and economy. Saicon and 
estate versions reach Britain 
soon. 

The BMW V12. previewed a! 
Birmingham, is featured at 
Geneva. This five-litTe engine 
will power the new 750i saloon. 
When it appears this autumn it 
will replace the Jaguar 3 series 
VI2 — still on sale at £25.995 — 
as the world's silkiest and 
swiftest five-sea ter. A V12 ver- 
sion of the new Jaguar is in 
rite pipeline and. by the time 
it arrives a Mercedes-Benz V12 
is also due to be on the scene. 

Who could have forecast a few 
years ago that large capacity, 
mufti-cylinder engines would be 
reappearing in number*? All 
the talk then had been of dearer 
oil and an overwhelming need 
for economy cats. So much for 
the prophets of doom. 

With 300 horsepower under 
the bonnet, the BMW 750i will 
reach 155 mph at a relaxed 
4.810 rpm in overdrive top of 
Its very high geared automatic 
transmission. It would go 
faster but an electronic cut off 
operates at 155 mph. Accelera- 
tion from a standstill to 100 
kilometres an hour (62 mph), 
aided by electronic traction 
control, takes just 7.4 seconds. 

All this is for the near future. 
For the present, the 735i 
model — I drove to Geneva in 
one and will be reporting my 
impressions in two weeks time 
— is sold out in Britain until 
October. Factory mileage 
examples have been selling at 
a £5,000 premium — but not 
from BMW dealers. 

Alfa Borneo is displaying two 
new engines that will shortly 
give the recently introduced 75 
saloons extra punch. The V6 
has been enlarged from 2.5 
litres to three litres capacity, 
yielding 188 horsepower against 
the previous 156 horsepower. 
And the Twin Spark engine, a 
two-litre, four-cylinder with 
two spark plugs per cylinder, 
puts out no less than 148 horse- 
power, a remarkable output for 
a non-turbocharged engine of 
this size. 

These engines will power the 
forthcoming Alfa Romeo Type 
164, another variation on the 
Saab 9000/Fiat Croma/Lancia 
Therna body. shell. This car is 
being saved for the Frankfurt 
Show in September 


MANCUNIAN mummies, have 
an excellent reputation. The 
Manchester Museum has a fine 
display of them, lovingly cared 
for and with their smallest ail- 
ments diagnosed — though not 
treated — since 1908. when the 
first mummy was unwrapped 
with the help of Margaret 
Murray. 

Two new Egyptian galleries 
show Life and Death in ancient 
Egypt. Under either heading 
there is a remarkably rich and 
varied collection, much of it 
obtained around the turn of the 
century when Manchester 
money supported Flinders 
Petrie in his annual campaigns 
by the Nile. Cotton was a staple 
then of trade between the two 
places. And the Manchester 
Shin Canal helped make com- 
munication easy. Its oldest pas- 
senger — in a sense — is the 
mummified Kb ary. who reached 
England in 1893. 

The Life gallery has bluff 
walls to put us in the desert, 
and to show how many everyday 
things have, been preserved by 
the dry sand: dolls, a dice box, 
a wooden toy animal on wheels 
and a large basket which lacks 
only a cobra. The objects are 
arranged not by period but by 
type across time. It is a refresh- 
ing practice, provided it is not 
done everywhere, and has the 
effect of emphasising how tra- 
ditional daily life was in Egypt 
for scores of centuries. 

Another basket was used as 
a coffin c2650 BC. A faience 
bowl has boys climbing a palm 
tree to knock down the dates. 
On another bowl, relief hippo- 
potami process round the rim. 
And there are textiles, mainly 


Treasure Trove: Gerald Cadogan on mummies 

Body language 



Mummy’s boy: one of the Manchester bodies 


wool and linen since cotton 
apparently did not appear in 
Egypt till Homan times. 

The Death gallery, with dark 
blue walls, makes more impact: 
(a youth fainted when I was 
there). It is a powerful presen- 
tation of the dead Egyptians, 
and their pathology, and how 
they were mummified. Examina- 


tion of the bodies and their 
accoutrements has flourished In 
recent years as pathology has 
developed so many new ways 
of analysis. The Mancunian 
mummies, like Lindow Man at 
the BM, have had treatment of 
Harley Street standard. 

Behind mummifying was the 
Egyptians’ preoccupation with 


the afterlife, and the need to 
preserve the body and likeness 
of the dead. Mummy Js an old 
word, probably coming from 
Persia and referring originally 
to bitumen, which was thought 
(wrongly) to. have been the 
cause of the blade coloration of 
some mummies. 

Natron was the essential ingre- 


dient in Egypt for mummil£to& 
It is a natural compound of 
sodium carbonate and sodium 
hlcaiboirate, occurring notably 
In the Wadi Natrun 40 miles 
north-west of Cairo. 
meats in Manchester on rats and 
mice suggest that thebodics 
were packed with natron, and 
were buried in it - 
... Mummifying leaves rich evi- 
dence of pathology, displayed 
clinically and convincingly. 
Khary. suffered once upon a 
time from sand pneumoconiosis, 
as was seen from the fibrous 
adhesions in his lung. Others 
had tape worms, which could 
cause cysts, or arthntis. And 
zippy tummy is nothing new. 

Radiography is helpful with 
animal mummies to see exactly 
where the body is placed m the 
wrappings before starting to un- 
wrap. There are surprises. A 
crocodile-shaped mummy be- 
came four crocodile skulls; and 
a sausage-shaped mummy was a I 
gerbil with its own sack' of food 
for the hereafter. 

The most bizarre body is a 
child mummy, furnished with- 
both an artificial phallus and 
gold nipple amulets, as if the 
embalm ers did not know (could 
not see?) the child’s sex. Was 
the body already in an advanced 
state of decomposition? A calci- 
fied guinea worm was found in 
the abdominal walL 

The Manchester Museum 
(Oxford Road, part of the Uni- 
versity of Manchester, dosed on 
Sundays) is essential visiting 
for those who like the. history 
of medicine and disease — and 
for a vivid view of life and 
death in old Egypt. 


ON THE FIRST warm day 
each year I catch myself re- 
living the same horticultural 
dream. It o ecu red last Saturday 
and it begins, I think, from a 
stronglv evocative scent 

Budding magnolias stand 
furrily against the old walls and 
flowering daphnes pack every 
available border. By now; 
Daphne Odora has made a huge 
shrub by the doorway; Daphne 
Retusa has branched and spread 
like a miniature oak; Daphne 
Blagayana has spread 
masochistically from stone heap 
to stone heap, flinging out its 
stems beneath the weight which 
thev need for good health. 

Daphne Gerikwa is wreathed 
in flower like a flourishing lilac; 
Daphne ColUna has group into 
a green mound; white and 
purple farms of Daohne 
Mezereum are flowering wildly, 
while Mats of the deepest pink 
form of Daphne Cneorum have 
spread to the size of the. 
memorable specimen which I 
used to admire yearly on the 
rock garden of the Waterperry 
Horticultural School. 


Robin Lane Fox on Daphne dementi a 

Keep the pixies at bay 


This dream has au old and 
respectable pedigree. Years 
ago, a similar one is said to 
have caused the discovery of 
the best scent in the Daphne 
family. 

On a hot afternoon, a 
thousand years ago, a drowsy 
Buddhist fell asleep in a rural 
comer of China, beneath a lime- 
stone cliff: he seemed to be 
dreaming of an exquisite scent 
and on waking, traced it to 
bushes of Daphne Odora in the 
rocks behind his stony pillow. 

This wonderful plant began 
its career in gardens by the 
Chinese name of “ Sleeping 
Scent” a tribute to its lasting 
magic; Against a warm wall 
there is nothing better and the 


gold-variegated form is reliably 
hardy, with this slight shelter. 

Perhaps my Daphne dementia 
has a meaning but in my case 
Daphne dreams begin with the 
sleeping “scent” of Odora In 
early March, and the first 
ribbons of flower on an excel- 
lent white flowered Mezereum 
which I bought in 1976 as the 
Bowles variety from Marchants 
in Wimborne. like most- 
dreams. most of ray springtime 
yearning is an unfulfilled wish. 

Scented white Daphne Blaga- 
yana grows freely for three or 
four years and then goes Into 
decline; Daphne Genkwa eludes 
me. and after several years one 
of the purple Mezereums has 
still not flowered. 

The charm of this family is 


their combination of scent, leaf 
and colour, nonetheless gar- 
deners are somehow scared of 
them. They confuse a - few 
difficult customers with a family 
which gives more pleasure real 
and fantasised than any other 
spring flowering shrubs. The 
following are really very easy if 
you leave them alone. 

The. easiest Daphne Somerset 
(or Burfcwoodii)' is 'not an rarer- 
green, but it quickly makes a 
bushy hedge to a height of three 
or four feet. Anyone can grow 
this admirable shrub, whose 
scented flowers ' are a palish 
pink. It makes a much better 
hedge than a low line of paeo- 
nies or conventional bush roses. 

The neglected Daphne Napoli- 



tana is also extremely oblfgin?- 
antf has the double .merit of 
being evergreen and. flowering 
;in andpep shade. of;?raby pink. 
My oldest plant .'flowers in a 
green; flush '-in'- April- but -con- 
tinues to -show odd ’ flashes of 
colour ' at; intervals until the 
•autumn.' J :• • •; 

1 Tf grows’ about iwo ^eet-high 
and I am now plarmmg'tause it 
as a low hedging along . the top 
of a - wall ' where' yoti ‘might 
otherwise think of- a iine of 


i 


Arthur Hellyer looks at attractive spots to visit 

Golden jubilee for garden schemes 


THE NATIONAL Gardens 
Scheme (NGS) celebrates its 
golden jubilee this year with 
the biggest list of gardens open 
to the public that it has pub- 
lished. It was Elsie Wagg, a 
council member of the Queen's 
Nursing Institute, who seems 
to have been the first person to 
appreciate the fund - raising 
possibilities of organised 
garden-opening. In 1926, she 
persuaded her charity to try it; 
and the following year the 
scheme was launched with 600 
gardens which, between them, 
raised more than £3.000. 

Tliis year, the number of 
gardens listed in the famous 
yellow jacketed guide. Gardens 
of England and Wales, is more 
than 2.300 and gross receipts 
may well exceed £500.000. But 
what I find even more remark- 
able is that the 1987 list con- 
tains 94 of those original 
gardens, some of which have 
been opening for the charity 
throughout the 60 years. 

These pioneer gardens in- 
clude some very famous names 
such as Blenheim Palace, 
Blickling Hall and Leven’s Hall, 
but there are also some very 
beautiful gardens which have 
never maue the national head- 
lines. Among these I particu- 
larly note Weyford Manor, near 


Crewkerae in Somerset, and 
Greyth waite Hall at Ulverston 
in Cumbria. Both show the 
skills of once-famous designers 
who have been forgotten by all 
except historians, and both 
combine architectural and 
natural features in a highly 
satisfactory way. 

At Weyford Manor, the 
formal garden for a lovely 
Elizabethan house was designed 
by Harold Peto — a leader of the 
Italian revival in Britain at the 
turn of the century — for his 
sister, a Mrs Baker. The wood- 
land garden beyond it was 
planned by her son. Humphry, 
with the encouragement of Sir 
Eric Savii, creator of the great 
woodland landscapes in Wind- 
sor Great Park. 

Only one pair of hands can 
be seen at work at Greythwaite 
Hall — those of Thomas H. 
Mawson, who was adept at 
making Italian-styJe terraces 
leading to well-planted wood- 
land glades. He had a great 
but largely unacknowledged 
influence on 20th century 
garden design in Britain, since 
he worked for many of the 
great industrialists and finan- 
ciers of the Edwardian years. 

People have learned to trust 
Gardens of England and Wales 
as a reliable guide and to take 


it with them whenever they go 
in search of gardens. The 1987 
edition, just published, costs II 
in bookshops, newsagents and 
other retail outlets; or £1.50 if 
sent by post from the head- 
quarters of the National Gar- 
dens Scheme. 57 Lower Belgrave 
Street. London, SWI OLR, 
(01-730 0359). 

This excellent book not only 
lists the gardens under counties 
and dates of opening but also 
gives a brief and useful account 
of each, with accurate directions 
for getting to it by road or pub- 
lic transport. 

In Britain, there is no close 
season for garden-visiting and 
it is quite easy to make out a 
list of several dozen that are 
open and attractive even in 
mid-winter. 

One of the first that caught 
my eye in the 1987 guide was 
the Old Rectory at Burghfield, 
Berkshire, which this year was 
open as early as February 25 — 
presumably to catch the helle- 
bores that grow in it as well as 
the “plants collected by owners 
in Japan and China, old- 
fashioned cottage plants” and 
the rest. It opens again on 
March 25. April 29, May 27. 
June 24. July 29, September 30 
and October 28. 

Many charities benefit from 



the NGS including the : original 
Queen's Nursing Institute, 'some!: . 
county • nursing . - associations, 

■ Cancer JRetiefs jiaefftiBan: 

Nurse Fund, the National Trust, 1 

and two gardening charities— — — “ 

the • Gardener's" Benevolent scrawny . lavender. ■■■ The Neo- 
Society and the Royal Gar- politan Daphne will growexcel- 
deners Orphan Fund. lently <ra lime -and I - cannot 

The. former gives pensions imagine why it is hot more 
and grants and maintains a popular 
home with nursing facilities- u ' ’ instead, most people Snow 
well as residential accommoda- ^ heather pink Mezereum, 
tion for old gardeuere and their that upright Daphne Which is 
w'ves or widows. The latter wreathed with flower in spring 
continues original purpose before, the leaves fully develop- 
allowances and Nobody can predict where this 
special grants to the orphans of lovely old cottage garden shrub 
gardeners, and has recently win flourish or why. but it Is 
extended its brief to take in always worth trying. - • '• 

If it takes to you, it needs 


disabled children of gardeners 


even, when both parents are no. attention and is exquisitely 


living. 

This year, the orphan fund 


scented. It' baa a host of uses; 
it will kill wolves, poison any- 


also has something special to one who chose too many of its 
celebrate.- since it was founded berries or leaves, arid at all 


years ago to celebrate seasons, deter pixies. 

n Vintn*,-!'.. iifhil.a Tha . T , - , ’ 


100 

Queen Victoria’s jubilee. The i pave just learned; of a 
first suggestion came from lesser known nse from "an old j, 
C. Penny, head gardener to the herb-book which may encourage O 
Prince of Wales at Sandring- you. One berry from a- Daphne 
ham. in a letter published on Mezereum wiil put even the 
February 12. 1887, hut what he most liver-hardened drinker, off 
had in mind was an orphange. his cocktails. -- ' 

This proposal found little sup- So hot is its berry on the 
port, but a fund for the orphans tongue that “ drunkards can- . 
tff gardeners was quickly not be. allured to any drink at 
approved. . the time of eating.” . 


Sun rises in the West for Japanese pots 


JAPANESE works of art have 
never enjoyed the esteem In 
the West which has been 
showered on Chinese artefacts. 
This is mainly because the 
Chinese were producing impres- 
sive porcelain and bronzes for 
many centuries while the Jap- 
anese languished in feudal pro- 
vincialism. 

But the Japanese had their 
moments — it was, after all, 
Japanese Kakiemon porcelain, 
arriving through the Dutch 
merchants in the late 17th cen- 
tury which inspired Meissen — 
and their art is now much col- 
lected. Sotheby's and Christie’s 
are both holding important 
auctions next week. 

Apart from a few London 
dealers British buyers will be 
thin on the ground. Bat the 
Americans will be there in 
force, bidding for netsuke (the 
toggles that fixed purses to 
kimonos) and other decorative 
pieces, while the Japanese will 
be competing for swords, 19th 
century metalwork, and some 
of the later lacquers. There 
are also European collectors. 

Prices have risen steadily in 
recent years, apart perhaps 
from bronzes and okimono. the 
larger ivory carvings. However 
a very fine example, of the lat- 
ter, a figure of a mountain 
woman with her child, made 
for the Tokyo exhibition of 1880 
and priced even then at over 
£100, should beat its £8,000 top 

at 


Saleroom 


To make things easier for 
their overseas customers both 
Sotheby’s and Christie’s now 
hold fewer but better and 
bigger auctions. They have 
managed next week to offer 
contrasting treasures — Christies 
being very strong in the early, 
17th century. Kakiemon porce- 
lain while Sotheby's has an 
impressive selection of Meiji. 
late 10th century, cloisonne 
enamels. 

At Christie's the highest 
price, perhaps, £60,000, should 
be paid for a Kakiemon jar 
and cover in perfect condition. 
It is known as a 14 Hampton 
Court vase,” since a similar 
example was included in the 
1696 inventory of Hampton 
Court Palace. When Queen 
Mary went to Holland to meet 
her future husband. King 
William HI, the only thing to 
take her fancy was these 
Kakiemon pots, which must 
have been the wonders of the 
age. She brought them back 
home with her. 

There is also a royal connec- 
tion to the next most important 
lot, a pair of seated tigers, 
made around 1680. They were 
sold by the Duchess of Kent In 
1947 for £115 10s but are now 
valued at up to £25,000. 

The Dutch, because their 
Calvinist . manciples made them 


half-hearted missionaries, were 
allowed to have a trading base 
in isolationist Japan. They gave 
the local Japanese factories 
models to copy, for sale back 
home. One was a drinking 
vessel in the shape of a 
Roistering Dutchman. Coloured 
examples of this jolly fellow 
are known — one sold at 
Christie's last November for 
£15,400 — but on Monday the 
saleroom is offering a version 
in blue and white. The only 
other knowa example Is in the 
British Museum and a price 
of £25,000 is expected. 

Sotheby’s is not bereft of 
Kakiemon wares, and has its 
own menagerie, in particular a 
rare model of a karashishi. or 
Buddhist lion dog. Of late 17th 
century date it turned up at 
the Billingshurst auction room, 
and should make at least 
£ 20 . 000 . 

But Sotheby's strength is Its 
Japanese export wares of two 
centuries later — the cloisonne 
enamels, in particular. Another 
discovery, this time during an 
advisory day at Sotheby’s Stam- 
ford office, was a vase and 
cover by one of the big names 
in the field. Hayashi Kodenji. 
It was made for sale in Glasgow 
in 1911 and fs one of the finest 
of its type: it should make 
£9.000 fs the 


vendor paid for it in a junk 
shop. 

Another leading artist was 
Namikawa Sosuke and two 
pairs of very fine vases, one 
pair decorated with poppies, 
the other with moorhens and 
ducks, should find a new home 
at up to £10,000. One pair sold 
at Sotheby's Belgravia for 
£4-200 in 1982; the other has 
an excellent provenance — the 
diary of the vendor’s grand- 
mother records their purchase 
from the factory In 1891. 

For the Japanese, with their 
strong yen, prices will seem 
very cheap. However they are 
selective buyers. One lot which 
may well return home is a 
copper gilt square plaque, 
decorated with the Buddha, 
which is dated to the Natra 
period, the 7th-8th centuries 
AD. 

This was a time when Japan 
was much influenced by China, 
and it is possible that this very 
rare treasure was actually made 
in China. It came to the West 
recently hut thp Japanese 
regard it as an “Important Art 
Object” and should be kepn v 
re-patriate it to a national 

museum, or one of the manv 

private museums which rich 
Jananese love to develop. Its 
estimate at -Christies of n round 
£5.000 will he far exceeded. 

Antony Thorncroft 



A KalriempJt_mndeX nf-aJacdiSisw; lfl.lA.17th centarv 



WEEKEND FT XI 


' '**"* ■'■•-' 






■';' 'Kiaircial-'nnies Saturday Mirth ; 7 : 1987 


London Property 


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75 EIZABETH STREET BEGRAY1A SW1 


Three newly constructed and well designed flats in a Georgian 
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Independent gas-fired central heating. . 

Leaser Sftyears Prices: £175,000-£200,000 

> i *' ■'? SHOW FLAT OPEN TODAY 11 am-2 pm 
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01 8248111 


47 Lower Belgrave Street, London SVV1W OLP. Telex 929177 ’ 


FOR SALE BY FORMAL TENDER 

11-13 FELLOWS ROAD, 
HAMPSTEAD NW3. 


A pair ofaBrjclire,inicrcoiiiiannicaring Victorian 
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En this prime residential locale. 

They afford a total gross internal area or 
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Sheltered Housing; aiwiral Facility; 
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Freehold For Sale 

(Closing Date 12 noon, 8th April 1987 -Unless sold 
previously) For full details please apply to 

joint 
sole 
selling 
•gents: 



01-7309253 

(Ref: C-M.) 



01-722 7744 

(Ref: CJD.L) 


Hampton & Sons 


BELGRAVIA, SW1 

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RLMER ROAD, LONDON SW« 

An axtremelr attractive and unusual A bedroom Victorian family 
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^12^5% variable (APR 13 J5%) 

* Written quotations available on request 

Phone Barrie Lewis-Ranwdl on 01 -380 5186. 


1 OPEN 7 DAYS A WEEK 



THE WATER GARDENS 
BURWOOD PLACE • W 2 


£5* wfc 9111 “ d 10th floore 

P °^S tan d use of Private 

To indvdc capes *nd 

Ofiets in the region °^ 3 ™ 00 




PARK WEST SPECIAL. W2 • . 

Lavishly appointed with imaginative skill. Fabulous laural. 8Ui floor 
flat with glorious southerly views. Flexible plan, surtabf# 2. 3or 4 beds. 
3 bathe, lux recep areas, garaging. 118 yra. CZ95.000. Tel: 01-924 0241 


CHEYNE COURT. CHELSEA. SW3 . rh .,„_ hv 

2/3 beds, Bxcenent value, fine mansion block, picturesque Chelsea by 
River Thame*. Splendid 2nd floor Hat. variable plan. 1 /2 "Mpfijltit. 
bath & sfawr. Top porterage, lilt. etc. 124 yrs. £167,000. Tel. 01-235 0725 


QUALITY FREEHOLD BLOCK. 5W7 . _ . , . , 

Superb new conversion ol 9 imaginative 1. 2 and : 3 bed flats plus 
beautiful sunny terracing. Disnncnve corner bonding ,5|!2 r 

period features. Prime position, canfial to Juba, shoos 5 "°_LycM. 
Ideal exexcutivs accom or letting. Otters C2m freehold. Tel. 01-*~5 0725 
OPEN SATURDAY ft SUNDAY 10-2 


I Tel: 01-724 0241 

STLAET TWLSCK 


WEST END & t - 1, 
KNfGHTSBRfDGE 




* in Londons Docklands^;- : - 

: 2 BED ROOM FLATS From £144,945 
2 BEDROOM HOUSES From £131,995 
Others from £129.995. .. > 

SALES CENTRE OPEN ' 

Weekdavs lOnm — open. .Weekends ^pm—.Tpm. 

Off East "Fcttt Rd - MillwaU - Isle of Dogs 

^ D 1-9 87 4255 v 




Betwinil: Harfl ?< Ijr.i'jp 



SUITABLE FOR PEOPLE 
IN A HURRY 
Evelyn Cardens SW3 

When you buy Uus flat me only 
ihrng that won't be available it a 
hot meal on the table, bui cham- 
pagne will be in the Iridgcl A 
brand new 2nd flr (lift) beautifully 
dec., (urn. ft fully nquippod llai. 
TV. linen, cutlery, glass, eic. 2 
dble beds. 2 baths. Ibvriy receo. 
rm overlooking edns . Kit. 62 >''i. 
£i*V»5.000 me. everything. 

DOUGLAS. LYONS & LYONS 
01-235 7933' 


MARBLE ARCH. London W1 (near). 
Investment newly constructed freehold 
block of 14 vacant 2-bedroom flats 
with narking. £3.1 million, all w>ii 
rent to single company tenant. 01-491 
4909. 

KENSINGTON. Interior designed one-bed 
Hat. f-th Peer. Lift - 7-»r. lease. 
£155.000. Tel: 221 8769. 


Overseas 

Property 


ROTARIES 

MARKET 

AUCTION SALE 
MARCH 17 1987 


9 Ave Karechai Maimoury 
Paris 16, France 


PRESTIGIOUS 
400 SQ M 
APARTMENT 

. , FACING 
BOIS DE BOULOGNE 


159 sq m service area 
3 protected lock-up garages 
UPSET PRICE: FFr 12.000.000 
Inquiries: - 

45D04343 - Ext 121, Paris 
FRANCE 

G. Gastaldi, Notary 
Phone: 45JXL33.&3 


Marbesa Village 


close to Marbella 
Timeshare luxury villa in fully- 
managed Kenning Atlantic 
development for sale by major 
industrial company. 
.Prestige location near beach. 
Accommodates 6. 

Private pool. 

Weeks 27/28 (late June, 
early July). 

Priced substantially below 
market 

021-779 5793 


L'ESCALA — COSTA BRAVA — 50 min*. 

France. 90 mins, ski tesort. gourmet 
0 nr*rflce— -exten*i*ie Mrttel-e £15.725- 
£100.000. PALS, superb golf properties. 
Casa International. 0275 609420. 
INVESTMENT IN PORTUGAL. 1 1 
beauWul marble finished 2-bed new 
apartments. Sea reus. pool. bar. 
restaurant. Company Sale. £500.000. 
0925-411082. 

COSTA DEL SOL — MARBELLA. Truly 
exceptional villa lust released onto 
the mark pl 200 metres from Puerto 
Banus. >3.550,000. For full d?ta<r> 
Of this > n d many ethers write or tele- 
phone'. Mart Slmoson. OPS. 16 Pall 
Mall. London SW1 SLU. 01-839 2321. 
ALGARVE CONNECTION. Property 
investment in Portugal. 11 beautiful, 
marble-finished. 2 bed new apartments. 

Sea views, pool. bar. restaurant. Com- 

— - ~~ “ 


BLACK HORSE AGENCIES 
Gascoigne -Pees 



* *SI8§f 


WALTON ON THE HILL, SURREY 


An Exclusive Development of only 4 Luxuriously Appointed Five Bedroom 
Quality Homes enviably situated close to Walton Heath Golf Course and with 
convenient access to London and M.25. 


PRICES £298,000 FREEHOLD 

SHOW HOUSE OPEN FRIDAY TO MONDAY 10 a.ra. to 4 p.m. 


Sole Agents 

Walton on the Hill office Telephone : Tadworth (073 781) 3671 



H 






WILTSHIRE 


DEVIZES 


Bath and Swindon 19 milas. Pewsay (Paddington 1 hour) 

10 miles. M* (junction 15) IB miles 
A beautiful Queen Anne town house with private gardens 

3 receotion rooms. 6 bedrooms, 2 bathrooms, cloakrooms, kitchen 
with Aga. Gas central heating. Garaging end outbuildings. Tennis 
court. Towards 1«» acres ot garden and grounds 
For Sale Freehold 025,000 
Details: Pewsey Office tsl: (0672) 832S5 and 
Chippenham Office tel: (0249) 655661 
IVectbury 3 mifos, Trowbridge 5 miles. Bath 18 mites' 

An attractive 17th Century Grade II Listed house in a peaceful 
village setting 

2 reception rooms. 4 bedrooms, bathroom, cloakroom, kitchen/ 
breaklast room. Oil central . healing. Garaging for 2 car*. Self- 
* contained annexe. Garden. 

For Sale Freehold 050.000 - £170,000 
Details: Chippenham Office tel: (0249) 655661 

( 10/4229/ DM LB)‘ 


>H Whiteheads Fox& Sons 


WEST SUSSEX COAST 
WILLOWHAYNE PRIVATE ESTATE 


Unrivalled seafront situations offering unique development 
opportunities: 5-bedroom family bouse on double plot with 
scope for improvement and development of garden and 
magnificent vacant plot 150 ft frontage average 250 ft 

THE LAST SEAFRONT SITE ON WILLOWHAYNE 


Also close to the sea 

Spacious modern residence in superb secluded grounds, 
3 bedrooms. 2 bathrooms and shower, 2 reception rooms, 
double garage. Some renovation required. 


All for sale by Public Auction on 15th April 19S7 
Details from: WHITEHEADS FOX AND SONS 
4 Broadmark Parade, Rusting ion. (OJXW) 773131 


MOVING TO MIDLANDS? 


DETACHED SEMI-BUNGALOW, STOURBRIDGE 

Woodlands setting. 4 beds, lounge 23 ft y is ft. Bcckermann 
kitchen/breakfast, bathroom and rn-suiie shower, sun room, 
double garage. Handy M3, MB. M42 and soon M40. 

£125,000 o.n.n Freehold 
Brochure from Andrew firant (03SJ) 370232 


KENT, DEAL 
All on Seafront 

Detached House — 7 beds. Cl 20.000 

Detached House — 5 beds £88.950 

Detached House — 4 beds C69.S5Q 

Fiat — 2 bads CW.500 

Flat — 2 heds C39.500 

Studio Flat— £25.000 

WaJmer — Maisonette — 4 beds— 

£44.980 

Detached cottage — 3 beds, 2 mins 
town end sea £62. COO 

Bright A Bright (0304) 374071 


Hem pehire/Doraet 
HYTHE MARINA VILLAGE 

A Luxury Split-Level Residence with 
its own 3 permanent berths end 
spectacular views across Sovth- 
impton Water to the QE2 Dock- 
Hall. Clonks. Sitting Room. Bar. 
Utility Room. Kii/ Dining Room with 
3afcony. Study. 4 Beds, 2 Bath. 
Full Gas CH Gaiage. Small Garden. 
£350.000 L/H. 

VIcNeil Gillespte-Smilh 0590 77922. 


Rentals 



Horner HUi 


TO LET 


WIMBLEDON 

Extremely well furnished detached 
Georgian style family home, 5 
recaps. 5 beds. 2 bathrooms 
Available long let £1800 pern 
Town house in oooular develop 
ment close to the! All Engldiu 
Lawn Tennis Club. 3 recaps. • 
beds. 2 bathrooms. Long let 
£1300 pern. Tel: Wimbledon (01 ; 
946 6262. 


HEAD OFFICE: 

HIGH STREET. 
OXSHOTT. SURREY. 
Tel: (037284 ) 3811 
Telex: 8555112 
Office* in Sussex. 
Berkshire .4 SlV London 



Fa^ssas 



GLOUCESTERSHIRE 


Gloucester 1 mile. C'ieTtonham 10 miles. US motorway 5 mjles 
A fully equipped and productive dairy farm with a period 
farmhouse 

Th* brick huilt farmhouse having 4 reception room* end 6 bedrooms. 
A lull ranoe ot random dairy buildin-ja including an 8/16 Hernngbons 
Parlour Aieble. paslurciand and miiF quota totalling 460.000 hues. 
IN ALL ABOUT 137 ACRES 
FOB SALE AS A WHOLE BY PRIVATE TREA TY 
Details: Humberts,. London Office tel: 01-629 6700 
or Humberts, Cheltenham Office tel: 0242 513439 


COMPANY LETS 
Short *nd Long 


NEAn MAttOU .CH 
FULLY SERVICED 
APARTMENTS 



STUDIO from £150 pv 

1 BEDROOM from 1250 pv 

2 BEDROOM frnnt £350 pr 

3 BEDROOM hum £450 pi 

14 Elm Conn 

II Harrowby Si. London W 1 
Tel: 01-723 7077/253 2668 
Telex; 24141 DUKEAP 
Pet; 724 8828 


SOKE ST. SW7 


An attractive and spacious 
2nd flr flat furnished in & 
mixture of modern and 
traditional styles in a quiet 
location close to all the 
facilities of Gloucester Road 

£?75 jw 

01-581 7646 



SELL YOUR HOUSE 


Through the Weekend 
Proi 


FT Property Pages 


lb advertise your property in the Saturday property pages, simply complete the coupon below and retnm 
it to: Francis Phillips. Classified Sales Manager. Financial Times, 10 Cannon Street, London EC4P 4 BY. 


Allow the words per line (minimum 3 lines) Cost: 5-1 5 words (£20.70) 20 words (£27.60) 25 words (£34.50) 

30 worete t&i l.dOj 35 words (£-48.30) 40 words (£55—0) all raics indude \bt. Ad\«nisemems over 40 words, 

rues ore available on application, please attach copy separately. lineage: £6.00 per line + \ar. Displays 

£25.00 per see + \at. 

Please insert the following copy in the^feekend FT: Saturday 


1987 


I wish to pay by cheque value £_ 


. made paiaWe io: Financed Times Limited. 


1 authorise you to debit from my ITsalVine’t.Access account (delete as appliable) 
the sum of £ Signature. Card expiry date. 


My card number Is 
Name: 


n 


u 





Address: 


Pwicodei 


DavrimeTcINo: 


Weekend FT- PropertyPa^s ; v 01-489 0031 

ulurBaL'IteL 111 \itIahr.itr..D)4 l-flinT— ii. Or - . . ■ r - 


J1 L 


J LAOHIUII U ^ 

, , v ..j^er Beyliss «i Mdehnusf Rd FliTfUKilhPLuAL >1 0752 563281 




















Financial Times 


London Property 


on the river 


4 mins from the station 


10 mins from the airport 


12 mins from the City 



It's not just the view and the convenience, Keepier 
Wharf has even more to offer - because there are only 
twenty-five apartments and penthouses spread over five 
floors, there is a tremendous feeling of space and 
comfort 

Only the most modem materials and traditional skills 
have been used to transform this warehouse; and the 
finishing, in the state-of-the art bathrooms and kitchens, 
is quite exceptional. 

Other features include independent gas fired central 
heating, double glazing, video entryphones, lifts, 
porterage and reserved parking. 

125 year leases for sale. 

Show Flats for viewing by appointment 



CARLETON-SMITH & CO. . 
39 East Smithfield London El 9AL 
TeL 01-488 9017 


DOCKLANDS 


NEW RELEASE IN WAPPING 


l 4b* 




Only 10 minutes walk from the City and directly 
opposite Wapping Underground Station. 


A STUNNING NEW WAREHOUSE STYLE 
SCHEME 

By Stride Developments. 

STUDIO, I AND 2 BEDROOM APARTMENTS. 


• Many feature double ceiling heights and dramatic 
galleries. 

• Superb specifications throughout 

• Breathtaking "Atrium" entrance hall. 

• Secure parking available. 

• To be completed mid-Summer 1987. 

• Long Leases. 

• E80.000-i205.000. 

• View plans & details today & Sunday ah 

34 The Highway, Wapping. London EMI lam-5pm). 
and 3 Pennyfields, London E14. 


CHE§TF„«TONS 


3 Fennyfields, London EI4 
Tel: 01-538 492 1 
Fax:01-724 4432 


34 The Highway, London El 
Mi 01-4*8 9586 
Fax:01-488 1607 




THE ART 
OF 

CITY LIVING 


Superb flats in the Barbican to 
rent and buy, with leisure and 
arts facilities near at hand. 

There are often one or two flats 
available so s always worth 
enquiring:. 

Tel: 01-5 88 8110 orOl-628 4372 


O BARBICAN 


QSbjrgls 


Ptad-fr'tHm vtlh garage, SW3 

An unusually eadotw and MgM ona bedroom Itat an me second floor or (Ms 
development. The Itat benofta Mm Ra man si arnica and car parking epece. 
mBHLY RECOAfltOOED. 

BnrtUKX HMJj RECEPTION: BEDROOM: WTOOUBREAWAST ROOM: UTWOOM: OWN ENTR- 
ANCE: PARKING SPACE: ENTMNCE PHONE POUTER: MJPT GAS ON-, 
laaaahalfc (rtjmam) KUajUM 

Betawla Freehold 

A deflghUuf iMmM houae m a «Sat oMmk. banefltffng Mm bright and motaue 
and a iam_ south tocfrig garden. 

2 RECSTWN ROOMS: WTCHB1: 3 BEDROOMS: EN SUITE BATHROOM: SHOWER ROOM: 
CLOAKROOM: SOUTH FACMG GARDEN: STORAGE VAULTS: GAS ON: . 


Kntghtsfaridgo Office open Satadays lOam-lpra. Tel: 01-730 9291 


NEW CAVENDISH ST. 

C3oae W1 

Tight well mehitninari eth Or flat- M od. 
bSTUfl, rh, Dble bed 31' Becep with 
flttedMt, Ml St ya. OMM 


ST JOHNS WOOD NW8 

Reftarbiabed Oth dr flat with balcony 
and garage. Mod ML lift, du etc. 2 DM* 
bed&Dble Reap, Ht Kit. Bth. at TC 
ja OSBjao ar to be let ON jlw. 


HARLEY ST. W1 

Oaae Besemta Pk 

One of Ones* 2 bed flats carrentty avail- 
able 1 b good bloct Elegant recap. 
Superb Kit, 2 Btta. All smenttles me 
garde n. 71 yn i fiftfl O O , 


KENSINGTON, W8 

lTinTnr" , ° t * > 3rt Bed boose with roof 
garden OSSjm frctkaU. 

WELKS HEAD & EVE 
9 Harley Street Londna. WIN SAL 
Td: (OD 6378471 Telex: 27157 
Fas (81) 631 (636 


NATHAN WILSON 


FOR SALE 


Cariingford Rd, NW3 
Second door convonton, Infi 
reoapUon, 2 bodroona, roof 
tanaoe, £UBJOOO 


TO LET 


Rudall Orescent NW3 

Tom home, bug* leoa pMoa , 2 
bedrooms, roof totre ce , £300.00 


01-794 1161 

64Jtosslyn MB, Hampetaad, MM3 


PROPERTY 



Converting houses is no longer a sure key to fortune, explains John Brennan 




Why developers are not all tycoons 


RESIDENTIAL developing is, 
as we all know, an alternative to 
work. Read the heavily adver- 
tised “make money in prop- 
erty” booklets and you'll find 
that anyone who has bought a 
house can do it You merely find 
an Increasingly popular area, 
buy a vacant property, and hire 
a builder. The banks will com- 
pete in their efforts to provide 
you with money. The estate 
agents do the selling. The 
obvious major problem is how 
to handle the success. 

Attentive reading of the soci- 


ety magazines will help there, 
enabling you to use the right 


enabling you to use the right 
phrases when you turn up at the 
nearest hunt ball, poke your 
head in front of the camera, and 
make sure that you are cap- 
tioned as someone “ in prop- 
erty.” After that it is on to the 
next house, establish a track- 
record, get a public quote for 
the company, get taken over, 
and retire to write your “ how to 
make money in property ” book- 
lets. 

Quite why everyone doesn’t do 
it is one of the great mysteries of 1 
the age. 


past four years. But that’s 
nothing to the cost of the 
unfinished raw material in a 
proven, prime residential area. 
The price of a property for con- 
version has increased as much 
as six-fold in that same period. 

An example reached the mar- 
ket a few weeks ago, when a pair 
of empty, unconverted, short- 
leasehold liouses in Craniey 
Gardens, SW7, sold for just over 
£lm. Four years ago those self- 
same houses changed hands for 
around £180,000. And at that 
time it would have cost a similar 
amount again to win a long-term 
lease from the freeholder. Now, 
freeholders' managing agents 
drive increasingly hard bar- 
gains with developer buyers. 


area too long before it ups and 
comes is a cash-stretched, 
developer's nightmare. 

The very first development 
carried cut by the team who now 
run Residential Holdings was 
just such a loss-maker. The buil- 
ding work ended up costing 
more than expected, the selling 
prices of the area didn't rise fast 
enough to bridge the gap. Yet 


today, that private company pro- 
vides a classic example of how 


A short leasehold is of little 
value to someone contemplating 
raising finance for a major flat 
conversion where, for luxury 
apartments, the construction 
and fitting out costs now run to 






vides a classic example of bow 
misleading easy residential 
developing can seem to be on 
the surface. 

Started in text-book style as a 
commercial extension of a joint 
hobby, and still directed and 
owned by Hon Edward Wood 
and Countess Nicola Mapelli 
Mozzi, Residential Holdings 
now has £40m of developments 
underway on 19 different sites. 
Just to complete the picture of 
ostensibly effortless success, it 
is less than seven years since 
tackled their first house. 


selves, a problem that turned 
out well enough in the end since 
they still use those builders on 
smaller jobs. Nevertheless, the 
easy success story foils on. a 
dozen other counts. 

It is certainly true that their 
contacts with the estate agents 
who. effectively control the sup- 
ply of developable properties in 
London — as with local agents 
elsewhere in the country — have 
enabled the business to grow. 
Only those houses and sites that 
have been sized-up and rejected 
by the active developers tend to 
reach the open, market, so 
acceptability on the agents’ net- 
work is critical But those con- 
tacts were only won by proving 
that the developing wasn't a 
hobby anymore. 

Agents do not bring sites or 
potential schemes to developers 
for the fiin of iL They normally 
do it so that they can get the 
selling instructions when the 
work is completed, so no agent 


another £500,000 or so per five- fn “ pT iao a 

*L 0US€ - ** a result the ro Was a it re ^y so simple? 
freeholders^ agents hold all the rpaiiv^ V 

carts in negotiations for lease NeiUusrEdwart Wood nor 


ITiTfrflfr 


Chelsea, and with Rush & Tomp- 
kins cm the flats conversion of 
the old Hough Paper Mill in 
Narrow Street, Limehouse, in 
Docklands. 

That joint-venture approach 
scales-down Residential Hol- 
dings u £40m of developments " 
to an understandable, size given 
the age of the business. Those 
two big schemes in Chelsea and 
the docks account -for fully half 
the total value of developments. 
And Edward Wood and the 
Countess' have only recently 
been in a position to start 
undertaking developments 
without acting primarily as the 
working end of otherwise sleep 
ing partnerships. ' 

Since the sleepers invest a 
project at a time, and take their 
money when the scheme is com- 
pleted and sold, the company is 
only just beginning to build up 
capital in its own right 

The efforts persuading inves- 
tors to back developments 


ment at 7 Wetherby Gardens." 
SW5, reflect both the standard 
of that work, and the fine 
balance on costs. ' 

The flats are cert a i nly not 


cheap. Selling through Savilis 
(01-730 0822), the 125-year lease 
on a three-bedroom, 1,990 sq ft 


garden flat is priced at £485,000. 
For a second floor, two-bed- 
room flat with 1,294 sq ft of 
space the bill would come to 
£395,000. 

Only by appreciating a little of 
the development process can 
one grasp how a Chelsea flat can 
possibly be brought to the mar- 
ket bearing the same price tag - 
as a country estate. 

Even before a builder 
appears on site, the current 
apportioned costs of just the£[' 
shell of the garden flat would 
now leave little c h ange out of a 
couple of hundred thousand 
pounds. Add on the reconstruc- 
tion costs and all the fittings 
and finish of a luxury flat and 


|X,V 


the attention of a developer who stone-wall without evidence of Take account of the professio- 
turns out fiats or houses that are being able to ynak** conversions nal costs incurred in a develop- 
a headache to sell pay. And while a raging bull ment— the architects’ charges* 

The ability to attract sufficent market in residential property the lawyers' fees and so forth — 


nw-r . i ufi ... a i.uu.i, vi.) u;mi 


mystery, a good starting point is 
with Central London agents W. 
A. Ellis, who explain how the 
entry fee for residential 
development has rocketed in 
the past few years. 

“East of Gloucester Road," 



developer to agree terms before 
financing costs take all the pro- 
fit out of the deaL 
What is particularly discon- 
certing for developers is that 

they cannot gauge accurately 




up the do-it-yourself developer 
manuals before getting into the 
business. Perhaps they should 
have, because they managed to 
lose what was at the time a 
dispiriting £1,600 on their first 
flat conversion. Later, they had 


each of the individual conver- 
sion projects has been another 
critical factor. 

All their developments have 
been part-funded by outside 
investors, and it is only in the. 
past year that Residential Hoi- 


house capable of converting 
into six fiats would now be 
worth not much less than 
£500,000.” 

Ellis reports that a single 
house for conversion in 
Beaufort Gardens, SW3, is cur- 
rently on the market for £lm. 
And if that does seem a little 
rarified, reports from the prop- 
erty auctons confirm that vacant 
properties— even those in the 
least chic parts of the capital, 
and in quite a few inner provin- 
cial cities as well— now reg- 
ularly sell at a significant pre- 
mium to any objective open 
market valuations. That is, of 
course, why those properties 
end up in the auctions, so that 
they can draw bids from would- 
be residential developers in 
search of their stock in trade. 


So many people have been 
drawn into the development 
game that, investing with hind- 
sight, a vacant house in Ken- 
sington or Chelsea would have 
been a far better bet than 
almost any alternative you can 
think of including completed 
fiats and houses. 


The finished article may have 
near doubled in value in the 


gins of these increases in raw 
material costs, because they are 
at the mercy of a housing market 
beyond any real forecasting 
horizon. Even the best prepared 
developer cannot know for cer- 
tain what the market will be like 
18 months or so in the future 
when the work is finished, and 
when the sales agents are cros- 
sing their fingers and hoping 
that everyone is in a buying 
mood. 

If all is well in the market 
when the job is done, the extra 
costs can be passed on. If not, an 
over-stretched developer can 
easily be wiped out It is a 
calculation, or a gamble, 
guaranteed to keep anyone of a 
nervous disposition awake at 
nights. 

In the prime areas of central 
London’s residential market we 
can, therefore, exclude from the 
lists of would-be developers 
anyone who isn't a relatively 
nerveless character, and any- 
one with less than a six-figure 
credit rating. 

Outside the centre, and out 
side London, the entry fees are 
not so daunting, but the resale 
risks can be higher. Buying in 
an up-and-coming residential 


fact that empty butidizvg costs 
have risen so much faster than 
. flat sale prices means that even 
the bull market has been ho 
guarantor of development pro- 
fits. Without tight cost controls 
and a quality of property at the 


marketing costs, - agency fees, 
investor partner's profits, and 
the' gap between the asking 
price and the underlying costs 
of the space is no where near as 
wide as some might imagine. ' 
While the size of the develop- - 


builder went broke in the mid- 
dle of one of their first big house 
conversion projects. They 
ended up having to directly 
employ the builders' men them- 




development schemes with selling .at a good price, the 
other companies — with builders whole financial equation is '.too 


rrTTT, .-T7-1 , , *T7TTJTT. J * rr 


Harry Neal on their 76,000 sq ft, finely balanced to' work 


primarily commercial studio Two unsold flats in Residen- 


development at 111 Lots Road in - tial Holdings’ five flat develop- 


tify the background sob of a 
violin, neither is it likely to be 
so fat as to suggest that, develop- ..' 
ing is a sure-fire way to make a / 
fortune. . . 5#. 


• 



. 

• r 



.. • _ >** 

■ • . 


COT MANOR can fairly claim 
to be the most westerly Grade 
II house in England — walk 


II house in England— walk 
quarter of a mile west of the 
house and you’d be in the 
Atlantic. A Tudor cottage gen- 
trifled by the Jacobeans and 
Georgians, and modernised by 
the present owners, the six- 


bedroom house on Cape Corn- 
wall Isa mile from St Just and 
a brief drive down the road to 
Penzance. The five-hour run by 
train to London can be a bit 
daunting, bat the overnight 
sleeker service makes the trip 
considerably more comfort- 
able, and the commercial air- 


port at Newquay is an hour and 
a half’s drive from the house. 

Cot Manor has its fair share 
of Cornish smugglers’ tales, 
including the saga of a rogue 
priest owner In the 18th cent- 
ury whose deathbed confession 
told of finding a belt of pre- 
cious stones attached to the 


sole survivor of one of the regu- 
lar shipwrecks. The priest 
admitted , to keeping the belt 
and throwing the survivor 
back. James Scott at Humberts 
in Exeter (0392 513439) has a 
rattier demanding asking price 
of £220,000 on the house, which 
stands in five and a half acres. 



Great location, great prices. 
It’s no wonder our luxury 


homes at Thornhill Bridge 
are selling fast. 


arf 


i'itfist 




ABOVE THE MADDING CROWD 

IN THE VERY HEART OF LONDON 


We’re now on our final phase at 
Thornhill Bridge Wharf, Caledonian- § 

Road, and our competitively priced 3 TlT 
and 4 bedroom homes are selling fisc. SB ® ^ 

Just minutes from the city, these' ffj ffW g 

lavishly equipped canalside homes are -rftffc M ^ 
set around a peaceful courtyard. W Tay a» 

Every home includes a compre- nl w m 
hensive security package and all have either private parking 
facilities or a garage. 

Visit our Sales Office at Caledonian Road, or phone our 
selling agents John England and Partners on 01-402 2333. 

The Sales Office is open daily from Ham to 6pm. 
Prices from around £147,500 to £195,000. 


>%ut 


• -r, 


THORNHILL BRIDGE WHARF 
CALEDONIAN ROAD • Nl 


"^5 


Gun Place 


Spacious penthouses with every imaginable fitting 
in exclusive Wapping. overlooking the river. £465,000 


^o^Heron Hornes^ 


HERON 


For more information contact Ruth Cochrane on 01 -265 1282 
between 1 1am and 6om every day except Wednesday 
Gun Place 86 Wapping Lane London, El 


A HERON INTERNATIONAL COMPANY 




; 

■K ■■ *r 


or Ivor Skinner on 01-555 3242 
Barrall East London Ltd 
Warton House _ 

1 50 High Street Stra tfo rd 




HOUSE Wfhfc 
BUILDER UftlR 
OF THE 

year 19 8 7 


London E152NE 


B A R R A T T 


AWARDS 



Ifyou appreciate owning 
an originaLyoirtl appreci 
15 Vkfest Heath Road NW3. 





Ibis unique coBertkmofriine: - 
3 bedroom apartments was orated ~ 


appreciate o rigmaHty 
£295,000 to £590,000 
is individually Assi gn 
standards ana shares 



vl-4££H)14 I 01-4860079 



Rentals 


CITY OF LONDON 

ideal for the businessman 

SELECTION OF FLATS FOR SALE AND TO LET 

For details contact- 

FRANK HARRIS & CO 

81 Marchmont Street, London WC1 TEL' 01-387 0077. TELEX: 892301 


FULL COLOUR 

Rsshfenttal Property Adv er t isi ng 
APPEARS EVERY SATURDAY (Cepy tfcMlbe 12 dap 

prior to pubBcadn) 

R» £* m Stogie CdAM Cretan*. T« Gad g* mn dt 


QUEEN ANNE ST- AND 
WIMPLE ST n W1 

0, 35 ee £“ w, J??i* e - and mree 

bedroom Hats from 040 p.w,-£30a p.w, 

BAKER STi W1 




For Ml from of ttec a* other unfurnished 
and farnohed properties ccntxt— 

WILKS HEAD & EVE 


Laadu, WIN 2AL 
Tel: Rfi] 637-8471 T-i ;-, 271S7 
Fa*: (01) 631 0536 


KENWOODS 
RENTAL 


SHORT AM LONG LETS 


asnM6sr„u 

TEL 0-4)2 2271 



















3 ttS* 




F .fV; 

J'=4 

bV?K 

: ;«5‘ 


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*-*.*-* 

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Joanna Thorp in the show flat of Perlon Properties' development at 19 Green Street, London Wl 

The decorator’s dilemma 


With stunning southerly views, an outstan din g develop- 
ment of four large bouses constructed to the highest 
quality; combining elegance and many unique features. 
Magnificent 24* x 21' drawingroom with access to 33' balcony 
split-level Hintng room miH spiral staircase with toner to games/ 
billiards room, studx solid wood ‘Cess’ kitchen/breakfast & 
utility room with appliances, bedroom suite with bathroom, tour 
further bedrooms, 2nd bathroom & shower room, double garage 
and landscaped gardens 
PRICES FROM £455,000 FREEHOLD 
‘OPEN HOUSE’ WEEKEND applicants are invited to visit 
the furnished showhousc Saturday & Sunday, March 7f8th 10-4pm. 


Clients so often make 
the life of an interior 
.designer fhr from easy,, 
says John Brennan . 

“ nr IS far easier to deal with a 
man- at the end of a telephone 
than with, a woman in her own 
house,” Joanna Thorp of Thorp 
& May reflects upon the interior 
decorator's dilemma. ' ; • 

Private ' clients account for 
much of; the interior designers' 
business, and. there are, no 
doubt, quite a few individual' 
homeowners who have clear 
ideas about what they . want 
when they Call in professional 
help. But mention “ private 
client” in the hearing of desig- 
ners when they are not on duty 
and the conversation inevitably 
turns to ' tales of customers’ 
vague instructions, their perpe- 
tual changes of minds, and their 
-tendency to neglect to put 
agreements in writing so that 
jobs run on endlessly while de- 
signer and . client argue about 
details. 

Developers looking for show 
flats, or residential fluids need- 
ing flats prepared for renting, 
make far more business-like, if 
not always ideal, clients. -‘The 
designer is always the last per- 
son to be called in," says Thorp, 
“ and it is always our budget 
that is the first to get cut” 

Budgets to deck out a show 
flat can run to £25,000 or more 
these days as competition has 
forced developers to concen- 
trate more on presentation in a 
market where there is a plenti- ' 


fill supply of luxury properties 
and increasingly selective 
buyers. 

“People have so little im- 
agination when they see bare 
rooms that it is necessary to 
show what a place can look like 
if it is to sell," says Thorp. 

„ And to save stretching those 
limited imaginations too far, 
show flats go well beyond the 
fitted kitchens, bathrooms, rag- 
rolled walls, and curtaining of a 
few years ago. Most now include 
everything from paintings on 
the walls to all the furnishings, 
from appropriate magazines on 
the occasional tables to great 
clumps of dried flowers loun- 
ging decorously in antique 
vases. 

Because of the cost of all this 
instant high life, the paintings 
and furniture, the knick-nacks 
and little objets d’art that are so 
carefully scattered through 
show flats stay in place only if a 
property is being bought fully 
fitted as an investment for rent 
Otherwise, they head back to 
the stock room unless prospec- 
tive buyers browsing through 
the flats take a fancy to the 
pieces and buy them individual- 
ly. Look behind the surface in a 
show flat and you’ll find dis- 
: creet little price tags on all the 
bits and pieces. The fiats have 
become sale rooms in exile for 
the designers' own antique 
businesses, or for associated 
businesses who allow their 
stock to . become developers’ 
props. - . 

In deciding how to decorate 
and fit out property, Joanna 


Thorp explains that there is 
little real hope of being able to 
come up with a look that will 
appeal specifically to the 
people most likely to buy the 
place, since no one really knows 
who they will be. “The agents 
may have a general idea, but 
you really have to work around 
the building in eacb case. There 
is no set formula. You just can- 
not forecast your end-buyer.” 

Inevitably, the people wbo do 
end up buying don't always like 
the look of their new home. "We 
are very often called in to re-do 
a fiat by someone wbo has just 
bought,” says Thorp, “and that 
can be a bit hurtfuL But it is 
usually that they don't like a 
particular colour or a particular 
fabric." 

Thorp & May stick to a 
traditional English style (“that 
never really goes out of 
fashion”) and in their latest job, 
the shew fiat of a Perlon Prop- 
erties 1 five-apartment rede- 
velopment at 19 Green Street, 
Wl, there is the space to apply 
that style with effect 

There is also an evident need 
to be able to show viewers how 
these 883 to 2,002 sq ft, one-to- 
three- bedroom flats might look 
as completed Mayfair homes. 
Joint agents Beauchamp Estates 
(01-489 7722) and Savills (01-730 
0822) are asking from £150.000 
for a one-bedroom flat to 
£525,000 for the penthouse, yet 
the properties have Grosvenor 
Estate leaseholds with only 34 
years to run. 

The shortness of those leases 
does “wipe out interest from the 


Far East,” admits Savills’ Fran- 
cis Hilton, "because they have 
first hand experience of short 
leaseholds inHong Kong, and so 
they prefer to look for 90 or 125- 
year leases.” But since the Gros- 
venor Estate is always “open to 
conversations” about lease 
renewals, Hilton doesn't think 
that the lease terms will deter 
City buyers looking for a flat in 
the heart of the West End. 

If the idea of getting your own 
property up to show flat stan- 
dards appeals, it can be daun- 
tingly expensive. According to 
Joanna Thorp, fitting out a 
small family house— down to the 
cutlery in the drawers and linen 
on the beds — would now cost at 
least £50,000. Doing the job on 
your own might well cost more, 
since professional decorators 
are able to bulk-buy carpets, 
tiles and all the standard ele- 
ments of a refitting job. 

Choosing a designer to make 
sense of your own random 
accumulation of room styles and 
decorative compromises can be 
difficult if you do not spend 
your time viewing the show 
flats. But there is a central re- 
gister of professional interior 
designers held by The Char- 
tered Society of Designers, at 29 
Bedford Square, WCL 

More than 1,500 of the socie- 
ty’s 8,000 members do interior 
work, and if you write in— or 
telephone (01-631 1510)— ox- 

plaining the kind of project you 
have in mind, the society can 
provide the names of a number 
of designers who may be suit- 
able. 


Hampton & Sons 

51 High Street, 

Eshei; Surrey KT10 9RQ. 

(0372) 68411 


.GoocirnafiiKi 


33 High Street, - 
Cobham, Surrey KTll 3DR 

(0932) 64131 


Hampton & Sons 



£'l£gant a. graceful; tasteful; ... 
of refined luxury ; • • * (Concise Oxford Di ctio n a r y) 

£' 16 gant : Superlative new apartments facing 
one of London’s loveliest squares 


34-39 

QUE^GATEGARIMENS 
. KENSINGTON 
LONDON S.W7 


A major reconstruction of six splendid houses, 
now being completed to superb standards of 
design, workmanship and presentation — 

Leases 125 years Eor Sale. 

Flats of 2 Bedrooms, 1 Bathroom , 1 Reception Room 
& Kitchen (with Terrace) From £165,000. 

Maisonettes of Z Double Bedrooms, 2 Bathrooms, 1 Reception 
Room, Kitchen &. Cloaks (with fatio Garden) From £245,000. 

Maisonettes and Split-Level Flats of 3 Bedrooms, 

2 Bathrooms, 1 Reception Room, Kitchen &. Cloaks 
From £260,000. 

SHOW FLAT (by Kingcome Design) 
OPEN DAILY 11 AM-6 PM (tel. 01-225 0897) 

Nelson Hearn W.A.ELLIS 

-wlTt.-*. 96 Court ttosd 174 Bnxaota Bead 

^ Kenunpoo London WB UwtaSWlHP 

__ 01-9373811 wfcsilMMWAE Bb«M 8 » 3 SM 

[\ M 01-937 mob 01-5817654 


Kni 


Rentals 


ut lev 


"hi proeUntaus wawftouy <*** ***90; 

KSuurai parking, conral *■ 


S&s 

style- m*™. 

nas-OOO Lu e t e ho M 

LAUOS a>ALE TOWER. 

■gfBSEnsa'BE® 1 


CALEDONIAN WHMV. 

SAUNDERS NESS ROAD, E14 . 

A brand new *■» swey JP*" 1 ,£?££. 
□Mn this ooputar dovelopmort on ttw iato- 

-Sirs 

(ran the w* W-R ! 

Gardens fifce 10 open Mr 
me Ctfy wWd n 15 nk nune.4 Botfcooma. 
BaThfoom, Shorter Room. 
ISSEtatRoom. Rscepijon RownJ Wagral 
Garage S Off Street Parking. Garden. 
nnhteoFMhDM- 

gggForOUcfcMa l 

newconwrwwharf. 

A*rare oeporumky to ptech ase a sheti , 
IzZZvZZLv—rtc,: anoroxtiroiBiy 




lYLESFORD 


MEhBd duplex aponnwra « 
asm sq ft wtfi spiral ste |t| rase QOTWffW 
toon, ffaof »na. widows on three 
aides, river vi ews. 

E27 s [ ooq LeaaehoM 

reVELEY SQUARE, 

SURREY OUAYS.ffil6 

An Ideal purchase tarthe Brat Mw Buyer- 
a£ EttwSveen d of **<**9!* 

Suse within MckpnMd mewd smear 


RENTALS 

NORTHUMBERLAND 
PI AfF vvn 

HIGHLY RECOMMENDED 
A lovely period terraced family 
house with garden, roof terrace 
and off street parking. Refur- 
bished and decorated with style 
and quality by Interior Designer, 
2 dbl beds, 2 single beds, 2 recep- 
tion rooms, 2 bathrooms, elk. 
£475pw Beg. Lo ng Co . Let 
.KEWSGVGTON OFFICE 
\Teb 01-727 6663 


GR05VENOR SQUARE, 
MAYFAIR, Wl 
A superb prestigious block with 
an entrance hall in the grand 
style. Beautiful and gracious 2nd 
floor flat which is brand new and 
luxuriously interior designed to 
create a feeling of elegance. 

,2 dbl bedrooms, 2 mier-com- 
municating reception rooms, 
2 bathrooms, elk, kitchen/break- 
fast room. 

Available Now £700pw 
CHELSEA OFFICE — 

Teb 01-351 2383 f 


MINSTER LOVELL, OXFORDSHIRE 

Oxford 15 miks . London tvia M40) 75 miles. Burford 4 miles. 
Cheltenham 25 miles ' 

Ad historic mill which was converted and extended to form a small conference 
centre and the winner of a European .Architectural Heritage Award in 1975 
The properly is at present used as a successful residential centre for smalt 
conferences.' study and training groups of up to 33 delegates. However tins 
number could be increased within the existing accommodation and alterna- 
tive uses (subject to planning) of the property could be envisaged. 

The buildings are ocauLifully set alongside the River Wind rush and sur- 
rounded by gardens and grounds of about 50 acres. 

For sale by Private Treaty 

London Office: 6 Arlington Street, London SWiA 1RB, 01-493 8222; 
Cheltenham Office: 18 Imperial Square, Cheltenham, Glos, (0242) 514849; or 
Burford Office High Street, Burford, Oion, (0993821 3636. 


SAVILLS 


DUMFRIESSHIRE 

CadideAirpM 40 mimm drive. 

TWO DAYS PHEASANT SHOOTING 
WITH ACCOMMODATION 
FOR SALE 

For a period of 9 years. 

In November December or January 

Up tn 8 Guns with anticipated daily bag of 300 birds. 

No annual chains or increment tor inflation. 

Price per Gun from £8,600 


46 Charlene Square, Edinburgh EH2 4HQ 

031-2266961 


SELL YOUR HOUSE 


Through the Weekend 
FT Property Pages 


^ The Weekend FT delivers 
the kind of readers worth 
a getting to know (*63% of 

' top UK executives read 
j ^ r -E r~| lro H 1 the FT). They are primarily 
Jr 1 ! U PH B , influential businessmen. 

drawing large salaries and 

their bousing needs arc greater than most . They often 
own a town flat, a country residence and a holiday borne. 
As their careers progress their property requirements 
change. They may want to upgrade one property 
and downgrade another. They may be on the lookout for 

■ investment property or even a 

= retirement home Now you can 
■MR reach this lucrative section of the 
market every Saturday through the property pages of the 
Weekend FT. Advertisers wishing to sell property 
through the Propeny pages of the Weekend FT can place 
their order by telephone and 
pay for It by American 
Express or Visa credit cards. 

Tb place your order or for 
more information please _ 
contact: Lesley Proctoron 
01-4890031 

-(Source) EBKS l 9 B 6 (UK**mpfc) 

Weekend FT • Property Pages 


Overseas Property 


IW WVV ««^ 1 D||j | Oftliwn- 


\ ILLARS— SWITZERL A' D 


l more— you 


CHESTERTONS 


8* 

UEBRETGL 





... ....... Situated at the lop of the exclusive private pork— La 

New Investment opportunity in Swiss real estate. Residence— this chalet comprises 22 apartments with 

Excellent income potential. superb views ova- Vfflars to the French Alps. 

A unique. concept in select fully serviced apartments Completion due Summer 1987. 

with all the facilities of a luxury hotel Studio apartments from SF 180,000. 

—indoor pooL smash, bars, restaurants etc. 1 to 4 2 apartments bum £F 330,000. 

room apartments from SF 165,000- Up to 80% Swiss 3 ^g, apartments from SF 465.000. 

finance available at favourable terms. _ . . , 

Meet the Swiss developers ac 
The Mav Fair Hotel, Stratton London Wl. 

' 10 am-8 pm. 19th March 
for and appointment contact : 

Hilary Scott Ltd. ImmoW^ deVBlnre SA., 

422 Upper ffiefamond Road West. FSftgS VHars, 




SoJo h> fofdjBBm* outhorteed 

Lake Geneva 
& Mountain resorts 

«u an n« n APMnBff a owlet m M*. 
TBBK. CIWHB M0HBH*. VBOBR, HEARS, 

flRUvtna, CHlbEMMm, m sssun, lb 

nwaBCn, LEYBH. JURA, Ttmal CnW hi tm 
MHWvKhgnnaSWL^IkiWiEma 
more 

REVAC S.A. 

52. iw de MonUxHIiia - CH-1202 Geran 
feL 41 22/34 15 40 - fcka 22031 


Hilary Scott Lid. 

ler ftic hm tmd Road West^ 


CITYi 




London SWM 7JX. 
Telephone 01-876 6555 
Tries: 927028 


Switzerland. 
ims 010 41 25053531 
456213 GESECH 


COSTA BLANCA 

Hotel and restaurant for sale. 
Opportunity to buy lit Spain under 
E.E.C. regulations. Principals only. 

Teb 0103465J&3539. Apartado 
Comas 2193, Alicante 2 , Spain. 


An historic Grade II listed Dower House, beautifully restored 
and dating back to the 16th Century 
with outstanding Elizabethan Walled Garden. 

4 Reception Rooms, 7 Bedrooms, 4 Bathrooms (2 ensuite). 
Nursery, well designed Kitchen/Breakfast Room, Utility Room. 
Good Cellarage. Full Gas Fired Central Heating. 
Studio/Games Room. Workshop and Changing Rooms. 
Heated Swimming PooL Garaging for 3 Cars. 

In all about Va Acre 

Mayfair Office Tel: 01-499 4155 
and Oxford Office Tel: (0865) 246611 


127 Mount Street, Mayfair, London W1Y 5 HA, Telephone 01-499 4155 

Also al: London — Westminster, Krailngon. Cbclsea. Arundel. Baih, Canterbury, Edinburgh, 
Harrogate. Oxford, Wells, Bahrain, Dubai, Kuwait, Sharjah- 


SAVILLS 


WEST ESSEX - R1CKLING HOUSE 

Bcfwp's Storrjwd 0 mis, Lrujpool Street 38 minutes. M 1 1 6 miles, Lwufai 37 miles. 



Pry nf rH» fit we f jyrirvi hraiBes in East An ^ ia with an outstanding 
leisure complex and firy timbered ^rdens. 

Ridding House- Hall, 3 reception rooms, music room, 
demesne offices, 9 bedrooms, 4 bathrooms, (2 suites). 

Leisure complex with swimming pod, squash court, sauna and 
conservatory 

Recording studio, garaging, aviary. 

Stable cottage - double reception room, 4 bedrooms. 

All-weather tennis court. Gardens. About 31 Vz acres. 


20 Grosvercr Hill Berkdy Square London W1X0HQ 

01-4998644 


David Goss & Associates 

Announce for Sale 


FORESTS 

OF THE 

BLACK ESK 

SOUTH SCOTLAND 


19 f 000 acres 
Good access 


16-38 years 
Below 285m 


Sole Selling Agents: 

Harrison & Hetherington Ltd. 

Valuers, Estate Agents, Auctioneers 

Borderway Moat, Carlisle. Tel. (0228) 26292 



STRUTT a J5* 
PARKER^r 


ESSEl 

Colchester 7 mffes (Liverpool Street 50 minutes) 

An elegant Grade II listed house standing in a position with 
outstanding views across the Blackwater Estuary 
2 reception rooms, 5/6 bedrooms, 2 bathrooms. Central heating, double 
glazing. Double garage. Delightful garden. 

Region £170,000 

Joint Agents: Messrs Paul Christopher & Partners Ltd, 

7 High Street, Maiden. Tel: (0621) 55253 
Strutt & Parker, Chelmsford Office, Coval Hall. Tel: (0245) 258201 

(Ref. 2BB7075) 

SyRREY — ftMe Vs33ey 

Leatherhead 1*2 mi/es 
London (Waterloo and Victoria ) AO minutes 

An attractive house in sought after location with views across 
wooded farmland. 

Hall, 3 reception rooms, 4 bedrooms, 2 bathrooms, 3 car garaging with 
2 bedroom ed flat over, landscaped gardens. About 1*3 acres. 

London Office Tel: 01-629 7282 

(Ref- IAS 9616) 


John 

German 


STAFFORDSHIRE/ 
SHROPSHIRE 
BORDERS 
Nr Market Drayton 

An outstanding Neo- 
Georgian Country House 
with grounds. Lake and 
Paddock, 13 acres in alL 
Spacious Hall with antique 
staircase, three elegant 
reception rooms with fine 
mantelpieces. Four 
bedrooms, two bathrooms, 
garaging and outbuildings. 

Price £250,000 freehold 

John German 
173 Stafford Street, 
Ecdeshall, Stafford, ST21 SSL 
(0785) 850208 or 
Bennett Days (0782) 826321 



WILLOWSIDE— An outstanding 
detached family house in Lovely prime 
village location. 5 Reeep, Kh, Udiity, 
Sauna. 4 Beds, 2 Baths, Full C.H, 
Swimming Pool, Tennis Court, Large 
gardens, 6-car Garage and double 
Garage. 

Prudential Property Services 

ffi r 225^s'° C “ ln 


DEVON INVESTMENTS 

brety Anunhy and Coonereial Low Cost 
Mixed Woodlands of 82 Acres or In Las of 11 

13, IS w 40 Acres. Unit Values £10,000 Nul 

Ideal ommieirially managed imestmatts. 

Beta* STASS, 19 Bamptea Stout, Tiverton 

(Ttk 0884 «am Devon. Ref. W19Z 















XIV WEEKEND FT 


Financial Times Saturday March 7 .1987 



Holidays and Travel 


TRAVEL* 


Philip Coggan visits Gozo, Malta’s little neighbour 


FROM 


£599 


Island haven for the jaded 


Ask your Travel Agent. Or ring us on (0293) 776979. 

^CONTINENTAL AIRLINES TOURS 


SOUTH AMERICA 


“ Stayin 
Prince Belmonte’s 
Italian Palazzo 


Galapagos Cruise and Amazon 
Safari under the auspices ol 
World Wildlife Fund 1? days in 
Galapagos. Colonial Ecuador and 
to Amazon B-asin 7 July 
From £2.310 


Peru Jungle and Desert Expedi- 
tion. 24 days in Manu National 
Park which shelters abundant 
wildlife; remote Pararas and the 
Ballestas Islands, the Nazca 
Lines. Cuzco and Michu Picchu. 

4 June from Cl .850. 







A magnificent. 17th century private 
paiazao on the sea, converted by 
Prince and Princess di Belmonte 
Into elegant, luxurious apartments. 
Extensive grounds, private beach, 
pool, lxtspolted countryside steeped 
in history combine to make a 
unique holiday. Also wonderful 
houses in Tuscany and Porto Ercofe. 
Ash for our vilia brochure. Including 
the Algarve and Monchique hills; 
Greek islands; Turkey. (Our exclusive 
South of France houses - rentals 
ftom £400 lo iSOOO per week - 
separate brochure.) 

Wear Wtpbone 

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OUTCROPS of rock, scattered 
carelessly like sandcastles built 
by a child on the beach, domin- 
ate the island of Gozo. The re- 
sult is a plethora of panoramas. 
From my balcony in Xagbra I 
could see almost across the 
island, from the ancient Citadel 
to Marsalforn bay. 

Nino miles long and less than 
five miles wide, nestling in the 
Mediterranean nest to big 
brother Malta. Cozo has been 
passed ground the conquerors 
of history like a titbit at a cock- 
tail party. Neolithic men were 
the first to arrive, as witnessed 
by the temples of Ggantija — fol- 
lowed by Phoenicians. Greeks, 
Carthaginians. Romans, 

Vandals. Goths. Byzantines. 
Saracens. Normans. Aragonese, 
the Knights of St .John. Turks, 
French and finally the British. 

It is hardly surprising in the 
circumstances that the Gozitans 
are used to welcoming stran- 
gers. What is startling to the 
Briton is the affection with 
which the UK appears to be 
held. Everyone seems to speak 
some English, from the smallest 
child to the oldest peasant. 
While sitting in bars with 
names like the Glory of England 
(a very' small establishment), 
one can look out at familiar red 
post and telephone boxes. 

All tills in a culture which 
has strong Arabic and Italian 
influences, as the Maltese 
language — which is a mixture 
of the two — testifies. The result 


is perfect for those who like to 
get away from Britain but who 
welcome the chance to meet 
people of a different culture 
without being stymied by a 
linguistic barrier. (The Maltese 
economy depended for many 
years on the British naval 
bases'). 

Many Gozitans have never 
visited Malta, which is a short 
ferry ride away, and our guide 
at Calypso's cave, a gnarled old 
man who bravely tried to com- 
municate the mysteries of the 
labyrinth in halting English, 
sighed wistfully when we told 
him of our next destination, It- 
Tieqa (The Window j. He had 
never been able to visit it, 
although it was only seven miles 
distant. 

Not all the inhabitants are so 
unadventurous. Victor Borg, 
for example, is a one-man Gozo 
tourist industry. He is chair- 
man of Gozo Holidays, owner of 
the Cornucopia Hotel, Gaza 
Garages and the Eclipse 
Restaurant. He is relaxed and 
smiling about it all, as well he 
might be. 

If, like me, you are a potterer. 
Gozo is an ideal . destination. 
The island is small enough to 
cover on foot but varied enough 
in provide an enormous range 
of activities. Recommended is 
u boat trip out with Frankie 
Magro lo the island of Comino, 
which has Mendel ssohn-style 
caves and crystal waters warm 
enough for me to venture into 


— in November. If you are 
extremely energetic, Frankie 
can aLso rent you snorkelling, 
water-skiing and windsurfing 
gear. 

On land, the first priority is 
the Citadel in the island capital 
of Victoria, where the islanders 
used to retreat when invasion 
threatened. l£ did not always 
prove effective. In 1551 the 
fearsome Turkish corsair, 
Dragut, carried away the entire 
population into slavery. 

The cathedral and museums 
that remain reveal both the 
grinding drudgery of daily life 
over the centuries, as the 
Inhabitants eked out a meagre 
jiving from barren rock, and 
the largesse that Gozitans were, 
prepared to devote to their 
church. Gozo is very Catholic, 
with most bouses named after 
a saint and few without an 
image of the Virgin Mary. The 
art is, accordingly, overwhelm- 
ingly religious. 

On the west of the island is 
the modem and quite astonish- 
ing Ta Pinu church, rebuilt in 
tribute to the spiritual virions 
of a local field worker, Karmni 
Grima, A few miles beyond is 
The Window— a Roman arch 
carved by nature into the cliffs 
— and by it Fungus Rock, 
so called because of the shrub, 
supposed to be an effective 
remedy for dysentery, which 
grows there. 

You can sit and sunbathe on 


the beach at Gozo, but it is not 
really that kind of place — 
much better to vegetate on a 
sunbed with a gin and tonic at 
one of the hotels. The Ta'Cenc 
is luxurious, and with its villa- 
style apartments will no doubt 
appeal to those with families, 
but the Cornucopia, a con- 
verted farmhouse, has more 
charm and better food. For 
those who like self-catering, tbe 
ubiquitous Mr Borg has a range 
of apartments. 

It is an island to . restore the 
jaded. Outside the Ta’Cenc you 
can sit in perfect peace, undis- 
turbed by the sound -of the 
internal combustion engine. 
Only the Neolithic cart-tracks 
betray man’s interference with 
the landscape. Inside the hotel. 
Renault car dealers were con- 
templating their sales figures. 
It would be nice to think that 
the irony gave them a moment’s 
pause. 

• Travel details: By air from 
Gatwick or Heathrow to 
Malta, then ferry. Sommer 
prices per person (from 
March 24): a week In the 
Cornucopia, from £238 to 
£295; Ta’Cenc, £304 to £425; 
self-catering, £195 to £261. AS 
'prices Include flights, transfer 
from airport, and ferry. Hotel 
prices are taed on two 
people sharing (half hoard). 
Summer prices are based on 
a night-time departure. Day- 
time: £10 supplement. 



£' 


J 







A fisherman repairs nets on Gozo \ 


r » * m 

M r:7l 



ISLE OF ARRAN 
Sannox House 

Relax in comfortable secluded 
surroundings near golf courses, 
beaches, pony trekking and hill 
walking 

Spacious accommodation with 
private facilities 
Bed and breakfast £14 
Telephone: 0770 81230 or 247 


0564 826264 (24 hrs) 

UlM tours 


THE SPECIALISTS IN 
HOLIDAYS AND FLIGHTS TO 


MALTA & GOZO 


Tel: 01-821 7000 


21 Sussex Street, London SW1 
ABTA ATOL 118 


MALTA GOZO ALGARVE 
MENORCA 

March. April & Easier 
■Wf believe- In cSerlr.g Hie specialist 
approach to our destinations, with 
Lnc-.-rtcd'iabl? «iafl who know our 
resorts Intimately. 

Cficase irem hotels, flats or tafwnas 
with fllahts cx Heathrow or Gatwick. 


^Bonauentire 


01-937 93X7/16a9 (24 hrs} 
ANTA 15788 ATOL B79B AtTO 
Ac coss/ Barcl ■ veard 


siea 


ALMOST 9,000 ft up in the 
thickly wooded snow-covered 
Himalayan mountains of north- 
ern India, a ricketty wooden hut 
contains rows and rows of 400 
sets of the most modern French 
Trappeur ski boots, Austrian 
Atomic skis, and Blizzard ski 
sticks. 4.000 in all and manv 
as yet unused. 

Together with helicopter 
passenger flights in a new 
British Westland 30 from the 
nearest airport at Srinagar, they 
mark the beginning of a major 
attempt by India to turn the 
tiny Kashmir valley of Gulmarg 
into Asia's premier ski resort in 
the 1990s. 

There is even local talk of the 
valley, which is India’s only 
commercially - operating ski 
resort, hosting the 1990 Asian 
Games’ winter sports events. 
But this is an unrealistically 
early target because there is 
only one high-class hotel open 
in winter, four short nursery 
slope drag lifts, a tempera- 
mental chair lift, and access 
roads blocked by snow drifts 
and broken down Indian Army 
jeeps. 


John Elliott looks at skiing in the Himalayas 


Indian winters on the piste 


But while Gulmarg may not 
yet qualify for world events, it 
does provide a unique and extra- 
ordinarily cheap skiing holiday 
in some of the world’s most 
magnificent unspoilt winter 
scenery- easily accessible from 
New Delhi if weather conditions 
permit. 

At its nearest point the line 
of control between India and 
Pakistan is only 10 lun away — 
this is part of the Kashmir 
territory long-disputed between 
the two countries. From the 
9,165 ft top of the chair lift 
where spicy chapathi (fried 
Indian bread), vegetable curry, 
and sweet coffee is sometimes 
served at lunchtime, -the monu- 
mental 26,860 ft peak of Nang a 
Parbhat the ninth highest 
mountain in the world, is visible 


through snow-flecked pine ttees 
in a long white panorama of 
jagged ridges across the border. 

In winter most of the handful 
of hotels are shut and the main 
accommodation, apart ftom ' 
. some tourist bungalows and a 
couple of very cheap hotels, is 
the Highland Park Hotel, run by 
the locally important and 
friendly Nedou family, who 
sometimes boost the dinner 
menu with pheasant and duck 
from -their shoots. 

Apres-ski. unlike Europe, is 
limited >to Kashmiri scented tea, 
hot punches and other drinks in 
the bar, a video and a tiny 
claustrophobic disco — or Mr 
Sultana, an ancient male mas- 
seur who costs about £2.50 a 
session and carries an old 
battered potion bag boasting 


that he, his father and grand- 
father, plied their trade here 
and in Srinagar “ in British 
time.” 

Other retainers work as “saki” 
bearers. They keep themselves 
warm by carrying kangris — 
small clay-lined wicker baskets 
containing smouldering embers 
under thick local blanket-style 
cloaks. For about £1 a day they 
trudge behind you. carrying 
skis and bags and. for an extra 
fee. pull tbe very young and 
overweiffrt on small sledges. 

An old and sometimes erratic 
chair lift goes up to 9,165 ft 
from near the Highland Hotel, 
providing alternative runs down 
a gentle piste or a variety of 
more difficult wooded routes. At 
present, all pastes are made by 
squads of locals and . soldiers 


tramping the snow with - their 
skis, so the chairlift is some- 
times out of action after a heavy 
snow fall. 

Hydro power schemes are 
planned and companies from 
France, Austria and' Switzer- 
land are now tendering to 
design, equip and partially 
fund a £10m. 8 km cable car up 
to a summer trekking spot 
called Khilanmarg and a. frozen 
lake at AJpather at - 11,000- 
12,000 ft. which would dramatic- 
ally enlarge the skiing potential. 

Dr Farooq Abdullah,- a former 
UK GP who is now Chief Minis- 
ter of Kashmir, visited Gulmarg 
on Christmas Day (celebrated 
with roast local goose and a 
Father Christmas on a sledge). 
He is clearly determined To 
make Gulmarg an international 


ski resort within a few years-- 

He is backed by the Indian 
Government tourist, authorities 
who want to attract ski iers from 
all over Asia, adding to. the 
total of just oyer 1m visitors to 
India last year. .. . .. 

But everything in India takes 
longer to develop than' origin- 
ally planned, so there is still 
time to visit Gulmarg while it 
remains one of the world's most 
relaxing, unspoilt uncrowded 
and: cheapest, if sometimes un- 
predictable, skiing resorts. ' 


A You got to Gulmaig on an Indian 
Airfinos Airbus or Bos inn 737 


Amiras _ Airbus or Boeing 737 
flight from Delhi. Than a one anil 
a haft hoar ride in an. oM. Indian 


Ambassador oar up to the village of f .1 
Tanmaig. where you switch, among V 


Taitntarg where you switch, among 
soma chaos into a jaap for the last 
6 lun grind up to Gulmarg — the entire 
road Journey costing about £25 for 
one car and one jeep. 

Hie Highland Par* coats about' £40- 
£50 foil board for .a doublii - room 
with Wes t er n and Indian food at . ail 
meals but accommodation, alsawliaro 
can be as Irtzfa* as £2 night.. 

The hire of a set of all the European 
ski equipment, JnchfcOng new gloves 
end Carrara goggles, la ' only .about 
£8,50 for live dayn. Ski Instructors 
coat ntUo more than £1 a day and 
lifts am £1.50 to D a day, dspnefing 
where -you go. 


Mm 


STAYING IN LONDON— Take a luXuAr 
service apartment In 5L James's from 
only £60 «olus VAT* per night lor 
two. Every comfort. EvceoHorul valuo. 
Ryder Street Chambers. 3 Ryder St.. 
Duke SI.. St. James's. London. SW1. 
01-930 2241. 

MALTA. A laroe choice or hotels and 
sic appts. Prices from £137. ABTAf 
ATOL ALPHA TOURS 01-439 4751. 


BEAUTIFUL VINEYARD on - tfee Dao. 
northern Portugal. 20 acres of vines 
and nines an southern slope. Folly 
modern lied farmhouse, sleos GIB with 
cook, maid service, swimming pool. Still 
available May. June. Sept, and Ort. 
Tel: 082 574 269 or 01-821 8211. 
ext. 205. 







Swan Hellenic Tours. The treasures of the 
art world, the wonders of the natural world 
(as explained by the luminaries of . 
the academic world). 


(FOR CRUISE PASSENGERS BORED WITH' 




PLAIN SAILING.) 


i; ' ;j "> '• ... 


!’>*•*« . 


VIGO -LISBON -FUNCHAL -SOUTHAMPTON* HAMBURG -HELLESYLT-FLAAM-GUDVANGEN- BERGEN ’HELSINKI: LENINGRAD 'GDYNIA- STOCKHOLM -COPENHAGEN 


>£' 
V, Vjl-n* ■ 




Swan 'Hellenic. • as the name 
implies, built its reputation on its cruises 
., lothe EcLstern Mediterranean. 

. But these days Swan Hellenic runs a' 
wide variety of land-based tours as well; 

.This year over 50 different' Art 
Treasures Tours will be exploring the 
artistic and cultural heriu^e of places as 
diverse as Mayan Mexico, Lycian Turkey 
and Renaissance Italy 
. Well be -visiiing.the oases of the. Silk 
. Route, -the palaces of Rajasthan and tbe 
mosques of Transcaucasia, to . name 
.But' a sprinkling. '.of ourmorefar- flung 
destinations. 

in addition Swan Helleriic riow , * 
otganisc .Natfurat Tfikory and Special 
IpterestTour^to^oineof tHemost uospadt!: 
^-^n^rsofd« \3arJd ’l?*!:.?**' 

./They alf ttiake ;u»ra^ia! s ^'^[ : <iftep : 3 


sharing that knowledge in a relaxed, 
informal manner with their fejlow • „■* 
travellers. 

They'll help to broaden vour fcncrwT 
edge and understanding of the sights we - 
see. die places w e visit and- the people 


we meet 


m 




.’ .. your hand JaT : rfvqr rafting nV ; ' 
the Himalayas, big gaitjc- tracking in 
East Africa or island hopping in The 
> Seychelles.* 

: See the birdlife of the Bafec, tbe 
wildlife of the Galapagos or the wild 
$ower.$ of China. 

,v : P, f - sftttply .immerse yourself -in tbe 
magnificent scenery of places like 
North- Yemen, Southern Patagonia and 
, -the GrandCanyon. 

Bui wherever you go. whatever your 
interests, the tour Is always accompanied 
by an expert in die appropriate field. 

Our guest lecturers are mvited to join 
. a tout not just because of 'their specialist 
knowledge, but because they enjoy 


Moreover, in order to make the mosi 
. of the opportunities afforded by our 
•tours, we limit numbers- to. a maximum 
of 36, and ou some trips to as littfo as 14. •• 
Prices average out at around jLiGft • 
per person per day 

. And that is folly inclusive of ifights, 
accomniodation* meals, .excursion^ . .. 
gjaEtifSties and even First- Class ^ai { travel ,v 
• foGattvicIcoc Heathrow. ■ 

details; sm&fy Tn'fldfici-V 
■'.touppn ^low and -well send .you' ^ 
^appropriate brocHtire>l^>f^LUTtj .. 

=;Qr if .ft ‘would. be 

phone us on 01-831 1234 ExlT 77 ’ : 
(01-831 IbK> at evenings and -weekends). ’■ j 


Please send me lliV foUcm-ing firoc)Rirc(sir 
Art -Treasures Tmiin Q 


Natural l lisir,F\ &. 
Special Interest lours 


(VIJnrvi 


SHJCrpTFr 



! 

i-W, 




■ ... 






V-- . " * 1 








I* X " 


s». 


:■'****, 


-'*:*-■**■- 


MONTE CARLO • PORTOFINO • ST. TROPEZ-COLLIOURE* 


SWANK 

HELLENIC 


BARCELONA* IBIZA ■ BONIFACIO • SORRENTO * SI RACUSA-KQRCULA* TAORMINA ■ GITHION ■ PORTO FERSAJO 


— : Rarrofrhe»rowm£ world of PfltO. 

lorSwj ri Hcilci lii- Brochure services, RC\ Bo* i. 
Rtctc^ Mattel icsi i-r M 3U 7f7. 


MOR£ CIVILISED 


■ 1 ' c-st* 

S'f -X 


WAY 


TRAVEL 




Cunarcl would like to introduce you 
to two experiences, oceans apart from 
ordinary cruising. First, Yislafjord. She 
and her sister ships, QE2 and Sagafiord* 
are the only holders of the ultimate 
5 Star Plus rating; in Fielding's guide. 

.lames Beard, the American food 
critic says ‘the cuisine is outstanding.’ 
So too, we'd like to add, is everything 
else to do frith life aboard Vistafiord. 
Sea Goddess is an exclusive new 


yacht-style cruising idea, and with only 01-451 5930, see your travel agent or HU, 
116 passengers at most,- just imagine in the coupon. 


how pampered you'd he. 

*111610 are some fifty chances to 1 T°; Cm,Brd BiwJmre Services, Pack Fun Road, J - 

J f FUkeuonr.KnnCT195DZ. - I . 

launch yourself into more interesting j AVUteijordostaiGoddMiQbfoclibML.j 

cruising in European waters -this j I ^ 

summer. But with prices from only £460 / ■ Wdp "*' : — - — ^ — r-r-r [: . 

for a 5 day. Yislafjord cruise, you don't [ ; — : ■ r 

exactly have to go overboard To push p0SM:o,,e TdpphoM6 - — _ ■ 1 -; 1 

tbe boat out. I CUNARD 

L ii*— , * 

^htaljor rf- Sea Goddea. . . - . | . • . 


For 1 frill 




















35.1V 



a Wall 
: guru 


*• : ? -i-. 


r iNTi iiKEST.BATEs ~T c ma *£ for example, the for- 

RETS AND THE jvewftwan ™er«*«*ds the latter.the bond 
~ ; €SAL .-WORLD; hy Dr roartet is forecast to rise and 

• JSnflaan- L B. Tanrt^ eiBT^ 7 interest rates to fell. 

. The crucial section, pages 152 

jSOME BACKRRnmvm *. to 168, describes how Salomons 
. atithor will hetia tJS *1" h* 3 scrapped the -method that 

' ms b^l 5?L = r 55°“*?* “ta ferae-Sow 

S ~ JSfi® 
pis»^ h “S 'SMsrsjfif JS 
S&s»!m 3S53' ^«fir«ss 

e ljecome Wan Street’s principal - H ® J ® ves three reasons: anti- 
helping steer Salomons cipation, deregulation, and 
bond house to investment mterna ¥9nal credit flows. I 

agree with the last— US analysis 
t-~ r'ert one of the book dissects £** definitely been too domes- 
. the terrifying deterioration in P 0 * ljut 016 ac count of the first 
- JJS balance sheets. Until the 4wo seems muddled. 

early. 1980s, debt and income Kaufm an argues that interest 
• expanded roughly in line. Since ra^es respond to anticipated cre- 
- -then tbeir ratio has shot up to a - .flows; the changed cost of 
level which Federal Reserve funds then makes actual Hows 
Cha irman Dr Volcker ha g de- differ. He also argues that, when 
. scribed as “unusual except in *9 a ®®scd, deregulated institu- 
, highly disturbed economic ^ons no longer ration loans but 
circumstances — depressions, bid for funds in the market- 

wars or major inflations." • place. • . . 

2£ s . essential book, Kauf- Those developments m ak e it 
man details the erosion of disci- harder to apply Kaufinan’s iech- 
S ,1 i n ®- ‘5? r example, floating- nique, but they make the 
ra$e lending removes a key con- approach more important at the 
suram t— banks avoid a short- macro level. Equilibrium is 
term loss when interest rates reached through the price 
i«. rise, the risk being passed to the mechanism instead of con- 
. borrower, but they accumulate straints on supply: the objective 
the longer run risk of defoult by is to forecast that price, namely 
the borrower. Further, secur- interest rates, 
itisatioh of debt tempts credi- Tr»nfmon h nnfflmr 

PW»to“sa1S?onSKft5uS 

secs 

- Kaufman's description of this Jjdeficit household net flnnn- 



Business Books 


straints on supply; the objective 
is to forecast that price, namely 


cial deregulation and innova- 
tion, for example, how the divi- 
sion between commercial and 


“high interest rates discourage 
economic recovery" continue to 
prove false in the long run? 

- The second part of the book 
outlines the problems of fore- 
casting interest rates; the maes- 
tro's account merits study. Kauf- 
man!* fame really, comes from 


-his pioneering application -of veyed in Kaufinan’s writing. He 
the supply and demand for ere- should be read. 


,dit technique for. interest rate 
forecasting. A forecast of the 
supply of savings in the eco- 
nomy is compared .with a pre- 
diction of the demand, for . fi~ 


Gordon Pepper 

Director & Senior 
Adviser. Midland Montagu. 


FINANCIAL TIMES 
BUSINESS INFORMATION 

□ BRITISH BANKING DIRECTORY >986-87 

This Directory list* over 550deposit takers. it- gives you extensive 
coverage of bonks and their mteresfs, aid entry listings include: 
historical profile, management responsibilities, financial summary 
aid articles on topied issues. 

Published November 1986. Wee £38 UK or E48/US$72 overseas. 

□ INVESTOR « GUIDE TO IHESTOCKMAWCIT 

By Gordon Cummings 

TWs book provides the essential core of knowledge for thorn who 
manage their personal capital ond savings in the stockmarfeet. It 

• covers the make-up of the market, the way it operates and the 
technique of successful dealing 

: Published November 1984. Price £930 UK or £12/ US$17 overseas. 

FI INVESTING FOR BEGINNERS 
^ByOonWO’Shwi 

Analyses the basic principles of stoekmarket investment. «&eu»« 
die different cat e gori e s of quoted investment, examines a whole 
' range of related essentials such as interpretation of company 
accounts and gives an up-to-date review of relevant tax rules. 

Pubfished January 1987. Price £930 UK or £12/U$$17 overseas. 

Provides guidance on all aspects of investment for ^the expatriate 
and contains a summery of the offshore fund market. 

Pubfished October 1986. Price £15 UK or £18/US*25 overseas. 

PI WORK9NGABMAD-Th*Expa1nato'MGukle 
1 — By David Young 

provides vital details orvempbyme ntcorvdftio ns overseasandthe 
complex financial and domestic prefxiratioraneceswry 
leaving the country. 

Published November 1984. Indudes 1986 addendum. Price £1230 
UK or £14/ US$21 overseas. 

□ EXPATRIATE survival kit 

The Kit arovides detailed information on: Taxation ; Notion ^ 

* * JTuKwowrty; Employment contracts; Insurance pofiaes; 

rebate forms; DHSS forms; 
^“^^^ul^^mements and employment contracts; Inland 

Septwnbw 1985. Price £1330 UK or £15/ US$22^0 


overseas. 

102 Cferite,wdl 

^3^'^ T ” k01 ■ 25, 932, - (MG9 ° rd * rad *” 0nM 

payn«fit must occompon, cedw. Pric« iM. P«lag. 

c^^.[XEXlXD- r) l. l l i-i-J-i 

Card Expiry Date — 

-MAWUttllOClCAmAlSl . • • ■ • 

Name — • 

Organisation ~ • 

Address- " - - 


■ Country , — ■ — - — 

■ ■ Pqfe, — ■■ 

— tt^^nf»iB¥Wonf»olof«tvnvMt^8eeie«nd!HBii 

: » 

96089,1 — — — — * - 1 " 



is acufe rafdefldt, household net finan- 

2 " nSriSSSSuli cial activity and the deficit for 
JJJJl b ?’ i4 “ ? ore non-flnaacial corporations. 

JJJSJJJ lus proposcd *»■ This is the UK approach, where 

“ «% Wh us b.. %&«£&£•***'' more 




Kaufinaq's difficulties arose 
more because he attracted too 


investment banking is breaking man y followers, expectations 
down. A chapter on foiled dog- became dominated by his own 
mas and beliefs highlights many methods, and who could then 
short run untratts^but wK judge how for ahead events 


Tocher and Plummer: tax avoidance for the middle classes 

A lesson from Rossminster 


were being anticipated ? 

A final comment During their 
working lifetime, people like 
Kaufman become part of the 
financial system, it becomes 
part of them and they come to 
revere it Its misuse causes 
personal anguish, which is con- 


IN THE NAME OF CHARITY _ oijj ladies and their money 
By Michael Gilford and the equally reassur 

Chatto and Wind us, £14.95. 316 National Westminster Bank. 

Wt®®' Tkni. riAnnil rtf Dn„alo m. 


company, has that image of little Uuch the same sort of thing was 
old ladies and their money happening elsewhere. In the 


reassuring Lloyd's insurance market, for 
r Bank. example, the combination of in- 


PA55ER5 BY in London’s North 
Audley and St George Streets 
during the early mouths of 1974 
might have seen a curious sight 
Queues of people, well heeled 
but anxious looking, were lining 
up on the stairs outside two sets 
of offices to wait on the services 
of two characters whose exper- 
tise had suddenly become, in 
great demand. ' w 


Their neriod of success more Nation, high tax and exchange of artificial manoeuvres, would 
or less coincided with foe last controls gradually pushed back otherwise have had to be paid. 
Labour Government Rossmins- the boundaries of what was re- The book is short on colour — 
ter was formed in the second {folded as acceptable be- not surprisingly. Tucker and 
half of 1973, and invaded by haytour, to the point of large- Plummer refused to co-operate, 
armies of tax inspectors six 85816 fraud. and its author seems to take a 


schemes which had no commer- 
cial purpose apart from the 
avoidance of a liability to tax 
which, in the absence of a series 
of artificial manoeuvres, would 
otherwise have had to be paid. 

The book is short on colour 


years later. And what it had to 
offer was a series of off-the-peg 
avoidance schemes which 


scale fraud. and its author seems to take a 

As it turned out, most of the gloomy view of the world. He 
tax avoiders were to foil in their *uocks the Labour Party for its 
objectives. According to Gil- apparent willingness to put the 


JftWWSTS — 


avoidance schemes which objectives. According to Gil- apparent willingness to put the 
attempted to deprive the Inland lard, almost everyone who did clock back to 1974 in terms of 
Revenue of up to £lbn. business with Rossminster had higher taxes for the wealthy — 

By 1976, Gillard reports, tax found only an expensive way of "the kiss of life for which the 
avoidance was rapidly sweeping deferring a tax bill which had next generation of Tuckers and 
down from the very rich to eventually to be paid. Plummers is waiting.” But he 


more than about 20 per cent of 
your money. The alternative 
was to declare it to Labour 
Chancellor Denis Healey, who 
was after 98 per cent 
The exploits of Roy Tucker 
and Ronald Plummer, the men 


down from the very rich to eventually to be paid. Plummers is waiting.” But he 

SSSSSS,“i weTa^?. ( . T »e«a« ,,w, itob.ft»md l n SgSuon^d™ taf m‘S 


™ judiciary. Lord Simon summed much distaste 
who found the fox charge on op ^ preV aili n g mood in 1974. 
their income and capital to be w hen he areued that although it ln *** Name 
unacceptable. In the words of a SiAtse^dlsSXbfothat ^WitanU 
former chairman of the Board of written. It po^ 


, , iQriner Cuttirtnan vii tue ducuti ui czomp tflYimvprs Khnitlrl pspinif* 

Inland Revenue. “ Four fifths of 5^55S Sir *£» of tK 

uSmgzjs saai'.sssiasfnss sa?s»ffswr~ 

sionally tedious _ detail _ by ^ell administer my own justice 

Michael Gillard. His book is a I’m entitled to be my own This rigid approach meant 

revealing account of what penal “ 


and I'm entitled to be my own This rigid approach meant 
Chancellor of the Exchequer, that as fost as the Chancellor 


tax rates and high inflation can The only way you could add to bolted one stable door. 


do to public morality. your capital assets in real terms nious tax experts would fincf a 

Tnckerand Plummer were the was to avoid the fox.” way out through another. But 

brains behind Rossminster, a So it was that a large number once tax avoidance shifted from 
group of companies which drew of perfectly sane people were the privileged few to become 
its name from the Scottish coun- persuaded to take part in something like a national sport, 
ty of Ross and Cromarty—" any- schemes of the most complex the judges became a great deal 
thing to do with Scotland, like and artificial nature in an sharper. In a series of decisions 
the Scottish Widows insurance attempt to protect their wealth, starting in 1981, they attacked 


thing to do with Scotland, like and artificial nature in an 
the Scottish Widows insurance attempt to protect their wealth. 


In the Name of Charity is still 
an important book to have been 
written. It points out that some 
of the most glaring loopholes 
are still in existence — such as 
the apparent inability of the 
Charity Commissioners to cope 
with abuses of the fox relief 
available to charities. It high- 
lights the sterility of all the 
brainpower which went into the 
creation of Rossminster’s fox 
avoidance schemes. And it 
makes clear that if the economic 
circumstances of the 1970s were 
to recur, the whole wasteful ex- 
ercise would — one way or 
another — start up again. 

Richard Lambert 


LG. MCMILLAN, 


2/e 1386 £30.75 
JJL COX AMD M. RUONSTON, 

Options RffMtoBts 

1985 M2. 10 


N. SAWT-PETB?. 

How to Make Money In X 

1984 £19.60 




INSIDE THE NEW 
GILT-EDGED 
MARKET 

Patrick PftUlipt oea autbonniive and 
pncucalbH* b (beta post Big Bau vie* of 
Ok opOTOon* of London'' gBi-edped marts 
ll is written far the moment comwwmv at 
bone— and around the worid. 

Pita O5.o* (ta. p a p.) u* 
mNOmw 

Barclays de Zoete Wedd 
Gifts Ltd. 

Far .mv eofi* pkmu— 

Lynemt Hot! on UMU3 etL 3130 
Bstdayt de Zoete Wedd Oflto Ltd.. 

SfF EobgMe Hawse. 2 Swan Lane. 
EC4R 3TS. 


CR00M HELM 

BANKING POLICY AND STRUCTURE: 
A COMPARATIVE ANALYSIS 

J. S. G. Wilson 

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THE PERFORMANCE OF SMALL FIRMS 
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MULTINATISIULS, COVERNMENTS AW 


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Includes chads, graphs, fables £6.90 

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1987 

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good works 


ENUGHTEND ENTREPRE- 
NUERS, by Ian Cambell Brad- 
ley, Weidenfeld and Nicolson, 
£14,95, 207 pages 


THIS BOOK celebrates the lives 
of ten men who are seen as the 
acceptable — even benign— face 
of Victorian capitalism bringing 
light to Blake’s dark satanic 
mills and making a lot of money 
in the process. Some of them are 
household names, Cadbury, 
Rowntree, Carnegie, Jesse Boot. 
William Lever and one who isn’t 
so well known outside his native 
Yorkshire. Titus Salt who con- 
quered the wool industry, 
turned the growing town of 
Bradford into Woolopolis and 
built one of the first model vil- 
lages for his workers long 
before Letchworth and Bourn- 
ville. 

The chapter on Salt is particu- 
larly apt He was a man who 
shows all the contradictions of 
his breed-^tough paternalism 
coupled with spurts of generos- 
ity, fivers handed out of his car- 
riage to workers who had fallen 
on hard times while he rigor- 
ously opposed the abolition of 
child labour in the mills. 

Salt was born in the little 
Yorkshire town of Morley in 
1803 and wanted to be a doctor. 
He decided against when he cut 
his hand chopping wood and 
fointed at the sight of blood. 

So he went into the wool 
trade. In 1834 he was in Liver- 
pool docks looking for bargains. 
He spotted 300 evil-smelling 
bales lying neglected in a ware- 
house. It was alpaca from Peru 
which be bought forSd a pound, 
wove into good cloth and made 
the West Riding into Woolopo- 
lis. Within five years the price of 
alpaca had risen to 30d a pound 
and Queen Victoria kept two 
alpaca goats in Windsor Park. 

But Salt's monument was the 
creation of Saltaire, the little 
village a few miles from Brad- 
ford, built around a handsome 
Italian-style mill employing 
3,000 workers snatched from the 
city slums and given homes, wel- 
fare and a reasonable life-style, 
but no pub (Salt was a strict 
teetotaller). He became a 
baronet and founded a textile 
empire. 

But the irony is that the mill is 
now disused. All that remains is 
the “ Saifs of Saltaire " 


trademark on cloth that is 
manufactured back in Bradford. 
Saltaire has become a tourist 
attraction, but it still hasn't got_ 
a pub. 

All these Victorian paternal-; 
Ists are fascinating. William; 
Lever started by selling: 
groceries on a small scale in- 
Bolton, Lancs. He decided to go 
into soap exclusively at a timer 
when the working class were- 
actually getting facilities ta 
wash. He created Sunlight, one' 
of the first brand-named soaps; 
built Port S unlig ht, became the. 
first Lord Leverhulme and left a ; 
trail of philanthropy behind- 
him on Merseyside which can- 
not be quite dead. 

Jesse Boot, the herb-gather-"; 
er's son from Nottingham, came; 
from the same mould. Building- 
up 1,200 chemists’ shops in the 
UTC and overseas was achieved- 
by a dedicated price war against 
the existing Victorian pharma-; 
cists. Boot took it seriously— : 
“ by Tuesday Jesse knew exactly 
how many rhubarb pills had 
been sold in Liverpool and how 
much gripe water remained on 
the shelves at Plymouth.” But he 
made it his business to “save 
fallen employees who had suc- 
cumbed to some vice.” 

Ian Campbell Bradley, who 
was a fellow of New College' 
Oxford, then became a journal- 
ist and is now training for the 
Church or Scotland ministry, 
emphasises the religious con- 
nections of his entrepreneurs. 
Salt and Lever were Congre- 
gationalists, Rowntree and Cad- 
bury were Quakers, for 
example. Jesse Boot was a 
Methodist, but had a soft spot 
for the Salvation Army. 

Their philanthropy was 
indisputable. Bradley says: 

“ The latter part of the 
nineteenth century was the gol- 
den age of philanthropy in Bri- 
tain . . . There was a general- 
expectation that those with 
wealth would give away sub- 
stantial sums for philanthropic 
purposes and this was encour- 
aged by low rates of direct taxa- 
tion.” 

This is a book about Victorian, 
values. Mrs Thatcher, Mr Law- 
son and Mr Tebbit should put it 
on their reading list 


Alan Forrest 


Adjustment and economic performance in 
industrialised countries: 

A synthesis, by G. T. Renshaw 
This policy-oriented study looks at the socio-political 
foctors, behavioural responses, institutional arrange- 
ments and government policies which are essential in 
the promotion of successful industrial adjustment poli- 
cies in industrialised countries. The author discusses 
the strengths and weaknesses of the economic perform- 
ance of five countries!— Federal Republic of Germany, 
Japan, the Netherlands, the United Kingdom and the 
United States— and looks at the nature and magnitude of 
the adjustment problems in each, in terms of GNP, 
labour productivity, inflation, employment and 
unemployment, and international effectiveness. 


ISBN 92-2-105509-4 (hard) 
ISBN 92-2-105510-8 (limp) 


£14.55; USS28; SFr40 
£10.80; US$21; SFr30 


Managing relations between government and 
public enterprises: 

A handbook for administrators and managers, 
by P. Fernandes 

A guide to analysing and improving relationships 
between government and public enterprises which has 
drawn on the experience of many countries. It is 
intended for managers and administrators, as well as 
consultants, trainers and researchers involved in 
restructuring the public sector and improving the 
performance of public enterprises. 

ISBN 92-2-105594-9 £1030; US$21 ; SFr30 

Access and visa cants accepted. 

INTERNATIONAL LABOUR OFFICE 

96/98 Mars ham Street JffjA Ox IL0 Publications 

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Washington DC 20006. 

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N ow Distributed By 


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KmN Hlnrh 

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The Dow Jones-Irwin Guide to 
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THE WAUL STREET JOURNAL ON MARKETING 

RrtttJd Also|« and Bill Alwanw 
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February 1M7 

A unique guide to the UHnpW»iiin of marketing today. 


Available from'— ‘Aour Local Bookshop. 

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’ ■ m 

Financial Times Saturday March 7 1987 . 


WEEKEND FT REPORT 


Gal 

Saf 

Wo 

Gal- 


Pen 

lior 

Par. 

VJlIl 

Bat 

Lini 


22 C 

m 


241 

BIUC 

01-8 



The wit and wisdom 
of Walter Wriston 


RISK A ND OTHER FOUR 
LETTER WORDS 
by Walter R. Wriston 
Harper and Row $19.95, 
pages 


243 


Walter Wriston ... big intellect or big ego? 


WALTER WRISTON has a big 
reputation riding before him. 
As chairman of Citicorp, the 
US’s largest banting group, his 
name was synonymous with all 
that was most ambitious and 
aggressive about American 
banking. He tilted at everything 
which he believed stood 
unreasonably in his way. 

What was never clear about 
Wriston was whether he had a 
big intellect or just a big ego. 
The evidence from Citicorp 
itself seems to be that he drove 
it through sheer force of will 
rather than to any clear design. 
Since he retired two years ago, 
the huge empire he created has 
been struggling to make good 
the corners be cut in order to 
achieve a constant rise in pro- 
fits. And the final judgment on 


the Wriston era cannot yet be 
made. 

This book does however help 
one get a better measure of the 
man. It might best be subtitled 
“ The wit and wisdom of Walter 
Wriston it is a collection of 
chapters in which be discusses 
the themes that preoccupy him 
most in banking, government, 
economics and whatever else he 
believes relevant to political 
and commercial life. But if this 
is to be a guide to tbe quality of 
Wriston's intellect, then it might 
be better if be had held his 
peace. 

The book is a tedious repeti- 
tion of the broadsides which 
Wriston used at every opportun- 
ity to fire against (supposedly) 
unfair banking regulation, the 
folly of governments, the blind- 
ness of economists and the futil- 
ity of official controls on any- 
thing at all. In Wriston’s world, 
the goodies are markets 
(because they always sort out 
true values in the end), ord inary 
people (because they are being 


MXM 


I 


■BOOKS OF THE MONTH 1 


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'.EC4P4BY — Telephone: 01-248 8000. Ext 4064. Order and payment for 


Advertisement Department. Bracken House. 10 Cannon Street 

books should be sent to the publishers and not to the Financial Times. 


101 Accounting Definitions 
for the Non-Accountant 

Kenneth R. Robinson, FIPM, 

TEng, AM! ERE 

Self-help guide defines basic business 
accounting terms, relating them to 
balance sheet, prafit/loss account, 
ratios and cash flow budget statement. 
A5 paperback 40 pages 
0946684022 £4.95 (iNd UK p&p) 
Cambridge Management 
Training F6 
18 Chesterfield Hoad 
Cambridge CB4 US 
Tel: (0223) 350347 Ref: F7 


Who Said Business is Easy? 

Ron Sewell's “Who Said Business Is 
Easy?" is destined to become another 
classic. It pinpoints specific problems 
facing a growing business, and how to 
overcome them. 

£16.95 inclusive 
Sewells International 
1 Owen Square 
Bath BA1 2ME 
Tel: 0225 318500 


Towards Strategic Informa- 
tion Systems 

bv Elizabeth K. Somogyi amt R- 0. 
Gathers 

Overview of changing role and Impact 
of IT through carefully selected set of 
writings from leading international IT 
specialists. Provides business mana- 
gers and IT students with understan- 
ding of key management Isaueshasks 
associated with the new technology. 
0 85626 460 1 250pp Pre-pubfica- 
tton price £12.95, 

Dept- AUD. ABACUS PRESS, 
Spddburst Road, 

Tunbridge Wdls. TN4 OHU, UK. 
Teh 0892 29783/27237 


International Electronics 
Directory 
Published Mar 1986 
Editor : C. G. Wedgwood 
Researched details of 5,167 manu- 
facturers, 2,497 agents In Europe — 
managers? names, products supplied, 
size. - . Classified section — compo- 
nents, computers, telecomm., instru- 
ments, controls, electronics produc- 
tion machinery. 

Details: North-Hoftand, Amstenfam- 
TeJ: (20) 586 24 73 


Wedgwood, 
Tel: (01) 




Working With Video 

Brian Winston and Julia Keydel 
For promotional, industrial or pre- 
sentation videos ... a complete illus- 
trated guide to the skills and techni- 
ques needed to use video to the best 
possible effect. 

07207 1723 X256pp £12.95 

Pelham Books Lid 

Casta Sales 

TBL Book Service 

17/23 Nelson Way 

Tuscam Trading Estate 

Cambertay Survey GU 15 3EU 

Tel: 0276 62667 


“Europe’s 15,000 Largest 
Companies” — 1987 
Top companies In Western Europe 
ranked by turnover and listed alphabe- 
tically, provides name, address, «l. 
no., turnover, profit, employee figure 
and industry code. 

Price: £12000 Edition: 14th 

Publisher: ELC International, 
Sincfaur House, 

The Avenue, 

W Ealing W23 8NT. 

Teh 01-998 8845 


0 


Hf 


21 

AB 


Investment in Secondary 
Shops 

Pages of sound advice. Including a 20- 
point check list for appraising proposi- 
tions. 

Price £5 post free 
Michael Lever 

“ The Rent Review Spedafist ” 
ZUSa Preston Road 
Wembley 

Middlesex HA9 8PB 


Tolley’s Employment 
Handbook — Fourth Edition 
A practical, comprehensive and lucid* 
guide on this complex subject compris- 
ing 57 chapters on all aspects of 
employment law and practice. 

430pp Available March £15.95 
Tofle* PubHshtag Co. Ud. 

27 Scarhrsek Road. 


Croydau CRO ISO. 
01-686 9141 


Tel 


The Market for Car Servicing 
and Replacement Parts: 
Analysis and Prospects into 
the 1990’s 


by Colin Hill 
(NC 


Tolley’s Compensation For 
Dismissal 

This book fs a dear and comprehen- 
sive account of the common law, statu- 
tory and equitable remedies available 
to employees following dismissal, 
(approx.) 225pp Available April 
Pre-pub £11.95 

Tolley Publishing Co- Ltd, 

17 Scarfarook Road, 

Croydon CRO ISO. 

Teh 01-686 9141 


(01) 540 6224 

Risks 

H. J. Boyadflan and J. F. Warren 
Helps to develop a much keener 
understanding of the information pub- 
lished by companies, leading to risk 
Informed decisions in lending and in- 
vesting situations. 

0 471 91207 7 £19.95 

John WBey & Sons Ltd 
Customer Service 
Tel: 0243 829121 

Managing Systems 
Development 

2nd Edition 
J. S. Keen 

First EdHfoo Review — 

” . . .1 recommend this book highly 
for general reading for existing and 
aspiring DP managers and I think it 
will make a useful reference tool." 

— Chris Slim, Computing 
0 471 912441 £19.95 

John WBey & Sous Ltd 
Costumer Service 
Tel: 0243 829121 

Managing Computer Projects 
S. Price 

A practical guide to setting up and 
Implementing computer applications. 
Examines the skills needed for 
successful computer project manage- 
ment and explore s how mutual con- 
sideration of each other's require- 
ments benefits both customer and sup- 
plier. 

0 471 911135 £14.95 

John WBey & Sees Ltd 
Cu stome r Service 
Teh 0243 829121 


The Beckman Barbican 
Lecture 

Robert C. Beckman 
The latest lecture by the unconventio- 
nal yet MgMy successful Invest m en t 
Analyst Bob Beckman. Covers: Ex- 
change Controls, Tax Increases, 
Financial Secrecy, Bond Market Fore- 
‘ casts, Short Selling, Currencies and 
Interest Rates, includes “The Stock 
Market Temperament Test " to deter- 
mine what type of investor you should 
be. 

£12J0 

Milestone Publications 
62 Murray Road 
Horndean 
Hants P08 9JL 


Effective Marketing for the 
Smaller Business 


Geoffrey Lace 

Ideal Handbook for the businessman 
who has to be Marketing Manager as 
well. You are taken step-by-step 
through every aspect of marketing 
practice concentrating on small busi- 
ness needs. The next best thing to a 
marketing director. 

£ 22.00 

0 906619 23 0 
Scope Books 
62 Murray Road 
Horndean 
Hants P08 9JL 


The Marketing Decision 
Maker Pack 


John Bingham 

Designed to give non-marketing per- 
sonnel a practical understanding of 
marketing. Includes worksheets and 
charts to work examples which are 
then evaluated. Eliminates need for 
expensive external courses. Used by 
many PLC's. 

Highly R e co up 


O 906619 15 7 


Scope Books 
62 Morray Road 
Hornriuan 
Hants POS 9JL 


£35.00 


Stagnation or Change in 
Communist Economies? 


lovember 1986) 

116 uaaes £96.00 

Further details available from: 

Stanttand Hall Associates Limited 

Economic Advisers and Business 

Forecasters 

42 Cotabraoke Row 

London N1 8AF 

Tel: 01-359 6054 


Retail Planning and Seasonal 
Forecasts for 1987 and 1988 


by Jan de Somogyi and R. J. Hall 
(February 1987) 

£87.00 

Further details available from: 

Stan Hand HaH Associates Limited 

Economic Advisers and Business 

Forecasters 

42 Colebrooke Row 

London N1 8AF 

Tel: 01-359 6054 


Tolley’s Gnide to the Social 
Security Act 1986 

Divided Into four parts, this new book 
guides the reader throutfi the changes 
Introduced by the Act. 

(approx.) 120pp AvaBabfo April 

025 0 

ToHey Publishing Co. Ltd, 

17 Scarhrook Road, 

Croydon CRO ISO. 

Tel: 01-686 9141 


The Annual Report 

Jasper Grinling 

Why not use the annual company 
report to an advantage? Here is clear 
and detailed guidance on all aspects of 
effective report production. 

£26.95 Inc p&p 

Gower Publishing Company Ltd 
Gower House, Croft Road 
Aldershot, Hants Glfll 3HR. 

Tel: 0252 331551 


Tolley's Guide to the New 
Compliance and Penalty 
Provisions for VAT 

A practical explanatory guide to the 
new provisions introduced by the Fi- 
nance Act 1985. 

(approsu) BOpp Available March 
£6.95 

ToHey PubUshfaig Ce. Ltd, 

17 S ca rhrook Road, 

Croydon CRO ISO. 

Tel: 02-686 9141 


by Karl C. Thai helm 
Note by Gregory Grossman 
Most senior German specialist discus- 
ses communist economic reforms after 
Gorbachev's 27th Congress speech 
and China's relaxation of Marxist 
dogma. 

ISBN 0-948027-04-5 £4p+p 

Centre for Research Into 
Communist Ecsninifi 
Dept F 

2 Lard North Street 
London SW1P 3LB 

The System Versos Progress 

by Gertrude Sch m eder 
Preface by Philip Hanson 
Soviet economic problems and re- 
forms are much In the news. Schroed- 
eris fascinating study Is both learned 
and readable. Loads of Interesting 
facts. A must. 

ISBN 948027 053 £«p+p 

Centre for Research Into 
Common kt Economies 
Dept F 

2 Lord North Street 
London SW1P 3LB 


Head Hunters 

Robert McKinnon MA 
Discusses the methods and techniques 
that “ Headhunters " employ, their 
clients and targets. A useful handbook 
for those wishing to Inform themselves 
about this growing Industry. 

0 906619 106 £9.75 

Scape Books 

62 Murray Road 

Horndean 

Hants POS 9JL 


Employment Law Handbook 

Fraser Younson 

A comprehensive source of guidance 
for all managers who require a know- 
ledge of employment law, as well as a 
practical problem-solver. 

£42.00 me p&p 

Gower Publishing Company Ltd 
Gower House, Croft Road 
Aldershot, Hants GITX1 3HR 
Tel: 0252 331551 


Tolley's Employment of 
Directors 

This new title provides detailed cover- 
age of the statutory powers and duties, 
and the service contracts and taxable 
benefits applicable to company 
directors. 

Available May 

ToHey PuMIsMbh Co. Ltd, 

17 Scarhrook Road, 

Croydon CRO ISO. 

Tel: 01-686 91A1 


Making Major Sales 

Nell Rackham 

A revolutionary training book which 
challenges the established concepts 
and techniques of selling high-value 
products or services. 

£37 JO Inc p&p 

Gower Pubffshhig Company Ltd 
Gower House, Croft Road 
Aldershot, Hants GU11 3HR 
Tel: 0252 331551 


Tolley’s Tax Tables 1987/88 

Includes tables on the five main taxes, 
N.I.C., social security, take home pay. 
Statutory sick pay, plus a summary of 
the Chancellor's 1987 Budget propo- 
sals. 

24pp £5^25 

A va i labl e March wfthta three dm 
„ of the Budget 

Toll ey Publ ish fog Co. Ltd, 

17 Scarhrook Road, 

Croydon CRO ISO. 

Tel: 01-686 9141 


The Shadow Economy in 
Britain and Germany 

Stephen Smith & Susanne Wed- 
Nebbetlng 

A comparative study of the size and 
economic e ff ect s of unrecorded econo- 
mic activity, including the illegal 
" black " economy, with some Impor- 
tant conclusions for policymakers. 
Pbk ISBN 0 905492 48 X £5.95 
Anqta- G er man Foundation 
17 Bloomsbury Square 
London WC1A 2LP 
Teh 02-404 3137 

Preserving the Family Farm 

by Robert Venables 

New strategies for inhe ri tance tax. 

Available only horn: Price £90 

Key Haven Pnbtfoattoos Ltd 

61 Harrington Gardens 

London SW7 4DZ 

Tel: 02-244 8503 

Please quote FT when ordering 


Dampness in Buildings 

By Prof T. A. Oxley and E. G. Gobert 
(Bottenmrths) 

Explains how to diagnose all forms of 
dampness problems In buildings 
including rising dampness and con- 
densation (and how to distinguish 
(hem), which are generally not fully 
understood. 

ISBN 0 408 01463 6 £5.95 

Pretimeter pic, 

Marlow, Bucks. SL7 1LX 

Spicer ana Kcgler’s 
Management Bay-oats 

Mills, Coyne, Wright 

£252)0 

This new guide focuses on the practi- 
cal issues of the process. Including 
detailed guidance on the procedures 
Involved and advice on all relevant 
topics. 

Woodheud-Faolkner, 

32 Tramptpgton Street, 


Cambridge, CB2 1BY 
TeL (0223) 


66 733 

Financial Services Act with 
Index 1986 

Index compiled by The Institute of 
European Finance 

□LSO cased 
A complete facsimile reproduction of 
the Act, bound in a durable hardback 
volume, together with an authoritative 
and detailed Index. 
Woodhead-Faulkner 
32 Tnmvptagton Street, 

Cambridge, CB2 28V 
TeL (0223) 66 733 


How To Use Management 
Ratios 

Second edition 
C. A. Westwick 

This standard book on the subject 
provides a practical and comprehen- 
sive guide to the use of business ratios. 
£5000 Inc p&p 

Gower Publishing Company Ltd 
Gower House, Croft Road 
Mderehoi. Hants GU11 3HR 
Tel: 0252 331551 


Works* Owners: Mondragta 
Revisited 


Successful Business Strategy 
How to Win in the Market 
Place 

Len Hardy — Former Chairman of 
Lever Brothers 

ThH book reveals how Len Hardy 
drove Lever Into a position of clear 
dominance In one of the toughest and 
most highly competitive of ail con- 
sumer goods markets. 

£15.95 Hardback 
Kogan Page, 

220 Pe o tonvHle Road, 

London HI 9JN 
Tel: 01-278 0493 


Hans Weiner with Robert Oakashott 
A new report about the group of 
worker cooperatives based in Mon- 
el ragdn in Spain's Basque country, ex- 
amining the problems and prospects of 
this form of enterprise. 

Pbk ISBN O 905492 46 3 £650 
Anglo-German Foundation 
17 Bloomsbury Sqt 


London WC2A ZU> 
Teh 01-404 3137 


VCR Guide to Venture Capital 

3rd Edition — Published Feb 1987 
The most comprehensive guide avail- 

964 pages hardback £25 fine, u&c) 

£Vsof venture capital 
Portfolios of venture capital com- 
ponies. 

Venture Capita! Report 
20 P M dw i n Street 
Bristol BS1 ISC 


IBM: How the World’s Most 
Successful Corporation is 
Managed 


David Mercer 

This important new book provides a 
model of how IBM operates in the 
1980s, drawing out a number of key 
lessons for other companies. 

£12.45 Hard Back 
Kogan Pa®«. „ , 

120 Pentomrifle Roan. 

London Ml 9JN. 

Teb 01-278 0433 


Government Help for Your 
Business 

4Uj Edition — fully revised and updated 
Binder Hamlyn's sensibly structured 
guide listing Industrial aids available 
frm the UK government and EEC. 

£550 

Corporate Finance Department 
Binder H a mfr n 
8 St Bride Str ee t 
London EC4A 40A 


Workplace Industrial 
Relations and Technical 
Change 
W. w. Daniel 

Explores the rel ati onship between the 

strength of trade union organisation 
and the adoption of new technology 
and work me th od s . 

O 86187 917 1 £19.95 
France* Pinter PuUMwrt 
25 Floral Street 
London WC2E 90S 
01-240 9233 

Wages in the Business Cycle 

Jonathan Mlchie 

Presents original empirical work on 
cyclical wage behaviour using the 
cyclical wage debate as a case study in 
the methodology of economi c s. 

O 86107 686 5 £1850 
Frances Pinter PubGshers 
25 Floral Street 
London WC2E 9DS 
01-240 9233 

Innovation, Entrepreneurs 
and Regional Development 

G. P. Swe en e y 

A survey of the conditions of economic 
renewal in areas of European regional 
develop mem, focusing on stimulating 
e ntrepre neurial Innovation. 

O 86187 647 4 £1850 
Frances Ptartor Publisher* 

25 Floral Stmt 
London WC2E 90S 
01-240 9233 

SDI and Industrial 
Technology Policy: 

.Threat or Opportunity 
Waiter Zegvetd Christian Enzing 
Examines the role of government In 
the development of SDI and the pro- 
cess of technological innovation. 

O 86287 694 6 £18.00 
Frances P biter Publisher* 

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01-240 9233 


Interpreting Company Re- 
ports and Accounts (3rd 
Edition) 

Geoffrey Holmes and Alan Sugden 
£25X10 cased; £12.95 paper 
This best-selling book explains how to 
understand and assess the financial 
and trading position of a company by 
analysing Its reports and accounts. 


32 Tramp Ingten Street, 
Cambridge, C82 1QY 
TeL (0223) 66 733 


Administration of Insurance 

Nell Crockford 


£19.95 cased 
A comprehensive handbook offering 
practical guidance for company secre- 
taries and others responsible for the 
administration of corporate insurance. 
WootRiead-FauHuter 
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How Charts Can Make Yon 
Money 

r. H. Stewart 

£25.00 eased 
This practical guide explains how to 
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Woodlmd-FaulkiMr 
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Automation 
Joseph St John Bate 
Essentia) guide to help you identify 
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04.95 paperback plus 1.75 p&p 
240 pages 0 00 383353 4 
Coffins Professional Books 
8 Grafton Street 
London W1X 3 LA 
01-493 7070 Ext 4580 


T 


mi 


skinned by unfair banking reg- 
ulations. foolish .governments, 
etc), and bankers because they 
are trying to do a good job 
against overwhelming odds (at 
least in America). 

To be fair to Wriston, his 
views often strike home with 
great accuracy, and he (or more 
likely the battalions of resear- 
chers he must have employed) 
has gone to great lengths to lard 
his theses with pithy quotes 
from Thomas Hobbes. Adam 
Smith, George Orwell and 
others too numerous to mention. 
But often Wriston’s own quotes 
get a bit too pithy for comfort: 
“If you put a floor under wages 
and a ceiling over prices, a free 
man cannot long stand erect 1 
Predictability and trite 
embellishment might be excus- 
able if one did not have the 
constant feeling that Wriston 
was trying to slip in little apolo- 
gias for the conduct of bankers 
and particularly for Citicorp 
which set tbe pace in US bank- 
ing for over a decade under his 
leadership. 

Particularly questionable is a 
chapter on the Third World debt 
crisis coufUsingly entitled: “The 
great whale oil syndrome. 
Wriston describes the sharp 
rise in oil prices of the early 
1870s and goes on to praise the 
banks’ role in re-cycling tbe 
huge profits made by the oil 
producing countries and bring- 
ing about an economic adjust- 
ment which “became one of tbe 
most dramatic episodes in eco- 
nomic history.” 

What Wriston is less ready to 
claim credit for is the conse- 
quence of this recycling: 
namely, the buge build-up in 
Third World debt as banks fell 
over themselves to re-Iend the 
oil money to developing nations. 
And the only reassurance he 
can offer is tbat countries, 
unlike companies, cannot go 
bust, with the rather spurious 
implication that somehow this 
means they will in the end repay 
their debts. Unbelievably, he 
ends the chapter with a quote 
from Benjamin Franklin: “Take 
care of the pence and the 
pounds will take care of them- 
selves.'’ 

Even for the inexorbitant 
price of $19.95 the buyer of this 
book has a right to expect a 
more perceptive conclusion 
than that on what probably 
remains the greatest single 
banking issue of the day. Bat 
then this book does little to 
explain how Wriston came to be 
viewed as the great banking 
visionary of bis day. He writes 
with conviction and humour, 
but little else. 





• j;:* 


. : i. ■' "%■>'. -"v'syT v- « .;<? c. { ;«'■ 
V ■■■• -• 7 :;&..•}?'■■■ ,-vy— 

. - ... - > ' VS': 



v/vi^y-iso 


m .& 



T ong isbmfl pier by W illiam Merritt Chase— high eh ^ the list of American Impressionists 


Diamonds not forever 



but pictures prosper 


THE SUCCESSFUL INVESTOR 
by Robin Dnthie Collins, £15, 
244 pages 


lowed by vintage claret, Amer- 
ican Impressionists, vintage 
port and finally at number nine 
spot, the FT 30 Share Index 
(with net income reinvested). 
Diamonds, incidentally, come 
bottom of the list suggesting that 
a girl should ask her best friend ' 


MOST BOOKS about investment , , , 

tend to be dull Either they are to give hex something like old 
way above your head or they coins or vintage wines instead, 
insult the intelligence of anyone 

with a little knowledge of the Comparisons of this sort are 
City. Even if they are worth always open to interpretation. A 
reading, it is usually hard going filler explanation is heeded oh 
with little to keep the reader bow the comparative indices 


an area where insider ” trad- 
ing, and nnsmmpuloas dealers 
preying on the ignorance of the 
general public - in touting all- 
kinds of different wares .^at. 
inflated, prices^ isfarmore pre- 
valent than any scandals In the 
stock markets. ' : : 


Jt 


entertained. 


So it is a real pleasure to find 
an investment book that is 
beautifully illustrated, cram- 
med with interesting facts and 
fascinating to read- The key to 
the difference ties in the sub- 
title to the book. It is not about 
successful investing in the nor- 
mal sense— that is on the stock 
market Instead it is a guide to 
art gold. wine, antiques and a 
host of what are normally 
described as “alternative 
investments." Ironically with so 
many beautiful illustrations, 
one of the most interesting 
pages is right at the back— tbe 
investment performance table. 


were compiled if the findings 
are to have much credibility. 
There are several other 
unanswered questions. Why wa& 
1975 chosen as a base year 
(though in fact that should have 
worked in favour of the stock 
market moving up from a low 
point)? What account was taken 
of the currency changes? Are 
the different buying and selling 
costs properly taken into 
account? 


.With .inflation apparently 
under control in the industrial- 
ised world at least, and ,thj$ 

stock markets ^onttTming tn 

surge ahead, profitable: dealing 
in .shares is itill favoured .than 
gambling in alternative invest- 
ments. Nevertheless it is 
fascinating to go through the Ust ' 
and read the individual chap- 
ters on each sector— art, furni- 
ture, silver, porcelain, stamps, 
wine and books. ’ 7 . 


r •- ’ r # 
r ii- ^ 


David LasceHes 


This claims that the most 
lucrative investment since 1975 
has been American coins, fol- 


The experts may be able to 
assess, the value of a particular 
object, and know where to buy 
and sell at the right market 
prices. But is it really practical 
for the man in the street to 
become involved with subjects 
he knows nothing about and 
where he has to rely on.. the- 
advice and trust of others? It is* 


You can pick up a great deal 
of knowledge on esoteric sub- 
jects-like these in a* very short 
time from an author who seems 
to write with considerable 
authority, certainly as for as the 
layman is -concerned. 




Ignore the main title and buy" 
the book. It will .'certainly 
brighten np anyone's shelf of 
dusty, little read, , financial 
boobs and will even edmpete on. 
the coffee table. ' " 


J(AnEdward$ 




Debts and the Third World 


PASSING THE BUCK. BANKS. 
GOVERNMENTS AND THEM) 
WORLD DEBT 

by Philip A. Wellons. Harvard 
Business School Press. $24.95, 
342 pages 


for getting us all into this mess, 
and for attempting to get us out 
of it As the title implies, he 
argues that no one group was. 


and that somebody should have 
i wni 


been- “People who set public 
policy need to give a direction 
to international credit that has 
been lacking so far." 


THE FREEWHEELING 

dealmakers who racked up 
banks’ huge exposure to the 
Tbird World have long ago 
moved on to other markets, or 
been replaced in the pages of 
bankers’ magazines by other 
highfliers making other types of 
deals. 

But the mess remains. In fact, 
it is getting messier, as Brazil’s 
recent suspension of interest 
payments on $68bn of debt 
demonstrates. More than four 
years after Mexico went broke 
in 1982, attempts to stem bank 
losses with patched-together 
solutions continue. 

The question of who wilt take 
the lead in patching up the 
problem caused by Brazil’s 
moratorium remains unclear, 
and is of vital importance. It 
cannot be the International 
Monetary Fund, since Brazil 
rejects it. it cannot be the big 
banks by themselves, because 
they have few cards to play. It 
could be— unprecedently— the 
1 World Bank. But more likely, 
the US Government will charge 
in and knock everybody’s heads 
together. 

The publication of Mr Wel- 
lons' book is thus more timely 
than he perhaps expected. 

’ Passing the Buck ” is an 
analysis of who was responsible 


Like many who lived in tbe 
Third World in the 1970s, the 
author was struck by the 
extraordinary lending policies 
of international banks. Zaire 
was known to be corrupt and 
undisciplined, but received mil- 
lions of dollars in loans. When it 
inevitably failed to service 
them, Mr Wellons asked himself 
whether a reason for the bank- 
ers’ apparently inexplicable 
behaviour was that they were 
gambling on the US Govern- 
ment's interests in Zaire. 


This personal note is the pre- 
lude to wbat is primarily an 
academic study of bank-govern- 
ment relations. Wellons rejects 
the extreme views that banks 
were strong, independent forces 
acting transnationally without 
regard to domestic concerns, 
and that they were merely the 
puppets of imperialist govern- 
ments. Instead, he finds strong 
links between banks’ inter- 
national activities and their 
home environments and govern 
ments. These links, he si 
fuelled the growth of credit to 
the third world and influenced 
the reaction to the eventual 
crisis. 

That banfcs'-actions should be 
related to their home base is 
scarcely a surprising argument; 


particularly in the world of 
trade finance, from which Wel- 
lons draws his most extensive 
example- It seems natural that 
governments should seek 
domestic political advantage by 
fostering packages where the 
bid price for a contract is 
directly linked to and aided by 
concessionary trade finance. 

This mutual buck-passing from 
borrower/buyer to contractor/ 
financier to government tended 
to override basic considerations 
such as whether the project-r-in 
the example chosen, a huge 
Mexican steel complex — has 
any chance of economic 
viability. 

When Wellons attempts to 
draw similar links governing 
other lending, and the regula- 
tory and economic conditions 
through which industrialised 
governments effectively encour- 
aged international lending by 
their banks, he seems to over- . 
state his case that economic 
nationalism in banks’ - -home 
countries always 
detailed analysis 


banks acting similarly 
national groups, he also 


ithin 
ds 


similarities 


finds many differences between 
the Group of Five countries he 
examines. Although he finds 


transnational 
between them. 

• He. does nicely illustrate, 
however, the phenomenon Of 
“euphoria” in bank lending- 
doing it because everybody else 
is doing it— and the . role of 
leadership without responsibil- 
ity assumed by the biggest 
-banks which led hundreds of 
others into Euroloan syndi- 
cates. ' 

Perhaps least surprising in Mr 
Wellons* thesis is that when the 
crunch came, domestic govern- 
ments in industrialised coun- 
tries took on an even more 
prominent role. Where else, 
after all, - could the lending 
banks turn to help them sort out 
the mess? If they bad lent on tire 
assumption ■ that they would- 
indeed be helped out at home, 
that assumption proved correct 
But this result is not concerted 
leadership from Group of Five 

governments, but a case-by-case 

rules. His ■ muddling through. -Many would 
predictably a * ree ^to Mr Wellons that in 



r* trvif. 


tj 




WEEKEND FT 


R i P O R I 


BUSINESS BOOKS 


The Financial Times proposes to publish a Summer and an 
Autumn Business Books Report: 


SUMMER BUSINESS BOOKS 
Saturday 20 June 1987 

and 

AUTUMN BUSINESS BOOKS 
Saturday 17 October 1987 


For details of advertising rates please contact 
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this crisis, the buck win even- 
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Alexander Nkd& 


Mining 


L FINANCIAL TIM E S 

[' INTERN ATIO NAl 

[Year books 





INFORMATION TO 


BUSINESS 


Oil and Gas 
World Hotel 
World Insurance 
Industrial Companies 




’■'"J 


1 H 1 .. 


Interested ... ? 



•< 




See Books of the Month 


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!23ife2*&£ •' :J&\ *2£ 

'87 





• IT 

"i Tf,-i 


T 

(.’-.■-f* 


k 


'l 


IT IS a widely held view that 
Britain's industrial decline is 
largely due to the low esteem in 
which industry is held by the 
nation’s most able young 
people. If the-talent has disap- 
peared into the professions, the 
media or the Civil Service, 
industry is going to find It bard 
to obtain leadership of the high- 
est quality. 

Perhaps it is significant that 
of this selection of ten “ top 
chief executives " only one. Sir 
CfaristopherHoggbfCourtaulds, 
enjoyed the kind of privileged 
education ■ {Marlborough and 
Oxford) which is common, else- 
where among Britain's ruling 
classes.; Even' he. declined . to 
enter industry when young; in 
spite of two job offers, from ICI, 
preferring merchant banking 
and a stint at the Industrial 
Reorganisation Corporation 
before. ^ pleri^^omtaulds at a 
high 7 levari' 

Only one. Sir Peter Walters of 
I|p, succeeded in working his 
way to the top inside a single 
company from the graduate 
recruitment stage, which may 
say something about how inade- 
quately British industry selects 
its future leaders; Alternatively, 
of course, it may only indicate 


that the chief executive of major 
companies are rather unusual 
people. 

But since Berry Ritchie and 
Walter Goldsmith do not make it 
entirely clear how they have 
chosen their ten (Sir Michael 
Edwardes but not Sir Ian Mac- 
Gregor, Sir John Harvey-Jones 
but not Paul Girolaini, Sir Stan- 
ley Grinstead but not Tiny Row- 
land) it is hard to draw general 
conclusions. 

- A journalist's view might be 
that the choice depended at 
least partly on which candi- 
dates agreed to grant interviews 
at the time dictated by the pub- 
lishing schedule. 

The authors put forward the 
proposition that there is a new 
breed of chief executive that 
has been called upon to assert 
decisive leadership daring the 
early 1980s, a time of severe 
agony for British industry. They 
focus ou manufa cturing indus- 
try (though they to some extent 
conftise this by including Colin 
Marshall -of British Airways) 
and they claim to define the 
formula for success evolved by 
their so-eaUed "new elite” 

Or perhaps not Ritchie and 
Goldsmith admit that they can- 
not arrive at objective conclu- 
sions, and that the one lesson 
which emerges from, their 
researches is that in the end it is 
the individual who matters. 

Yet although litis is inevitably 


Hie top ten from left to right— Hogg, Walters, Edwardes, 
Harvey-Jones, Grinstead, Marshall HoJdsworth, Plastow, 
R g an f Giordano. 

a "formula book produced at a off, with average salaries of 
fairly superficial level, the pro- around £200,000 a year, 
files of the 10 subjects are cris- Moreover, their shares and 
ply written, to a concise length options average at least £500,000 
which matches the material a bead, 
they contain, without any Sir David Plastow of Vickers 
padding. defends the principle of pay- 

The “ elite ” provide a good meat by results (in his case 
deal of wisdom about the according to an earnings per 
changes in British industry. Sir share-related formula) but con- 
Stanley Grinstead of Grand Met- fesses to being a “ little uncom- 
ropolitan offers a reminder of fortable ” about the large size of 
the mad world of the 1970s, his bonus, 
when ' under the prices and Yet Sir John Egan of Jaguar is 
incomes policy companies were not in the least ashamed, and 
encouraged to inflate costs to asserts that the chief executives 
justify price rises. 

Sir Trevor Holdsworth of GKN 
decided that the company the wealthiest people in the 
should focus on motor compo- land, so that the best talent Is 
nents, but then found he had to attracted into wealth creation, 
follow- , toe motor industry 
abroad. Sir Christopher Hogg 


of major companies need to be 
paid so highly that they become 


And with knighthoods sported 
__ by eight of toe nine Britons on 
kept a list in his desk drawer of /the list (the 10th is the American 


all redundancy announcements; 
it ran to 23 pages, covered 400 
deals and reflected more than 
56400 lost jobs. 

In toe late 1980s, however, 
prosperity is back. The elite cer- 
tainly appear to be comfortably 


Richard Giordano of BOC) the 
status rewards of industry do 
not seem to be too niggardly 
these days either. 


Barry Rfley 



Takeovers 


As the City 
tumbrils 
keep rolling 


Ivan Boesky 


. Moriarty figure 



New from Butterworths 


Whittaker and Morse: .. 

The Financial Services Act 1986 

- Andrew wumkcr, MA fOxon), Assistant Legal Director of the 
l^UniveisitvofLivembo*-, .■■■■' _ : , 

Stonge, nSdngth* «“* &“* an 8 e Re8 “ W ° n5 

^sssdsxsi±iss^ 

^cover 040655101 4 £25.00 net 


SSasff-Ssaa- 


the UK sen/ice 


1987. By Amin Bajan. 

^ What are toe tel 

^^wffltheybechan^^nwtechnologte. 

^. er 

Dteov^tte of the UK economy 



THE ACQUISITIVE STREAK, 
by Christine Moir. Hutchinson 
Business: £6.95 (paper) 163 
pages.. 


THE THEORY of takeovers 
enshrined - in The Acquisitive 
Streak is one of giantism moti- 
vated by greed. The greed is that 
of acquiring managements, of 
their advisers, and of short-term 
speculators. Christine Moir sees 
takeover booms as phenomena 
that come into being when 
greed-driven bull markets lose 
contact with reality. 

Her book is readably popu- 
lated with raffish buccaneers, 
able but unscrupulous mer- 
chant bankas, and institutional 
-investors who spare no thought 
for anything beyond the next 
quarter’s performance table. 
The view may be- inspired by 
Hieronymus Bosch, but there is 
much to be said for it 

It is, however, the misfortune 
of this book to have gone to 
press just before the double 
explosion of Boesky and Guin- 
ness. Since toe vision is one of 
cupidity run mad, to the point 
where sense is left behind while 
the rules are bent— and .also, at 
times, the law— it- is a pity that 
the right people and incidents 
did not properly emerge in time 
to make the myth. With benefit 
of a Moriarty-iike villain (Ivan 
Roesky), a tragic corporate hero 
(Ernest Saunders), and those 
Luciferiau figures at Morgan 
Grenfell, Miss Moir would have 
been able to dramatise her story 
to still more Riling effect. 

(f fate had come through with 
these facts in time for the pub- 
lisher’s deadline, it seems that 
in all probability The Acqwsiriue 
Streak would have given a yet 
more lurid impression of the 
takeover scene. And even as toe 
City tumbrils roll that seems 
unfair to the broad sweep of 
takeover history. For while the 
book is racy in characterisation, 
the economic and financial 


? ^.Tv- 


analysis is somewhat narrow in 
focus. 

Take one or the mainsprings 
of takeover activity, namely the 
sudden accessibility of debt 
finance— specifically junk 

bonds— to entrepreneurs. The 
issuance of junk bonds is dis- 
missed in half a page as a “ con- 
troversial tactic.” But without 
some such type of finance, enab- 
ling relatively small-time oper- 
ators to gear up on the assets of 
large and previously sleepy 
companies which they did not 
yet own, the latest US takeover 
boom might never have got off 
the ground. 

No question, an atmosphere 
of excess had developed, even 
before the law started to catch 
up with insiders and stock-man- 
ipulators. In London, more than 
New York, it could be argued 
by. say, the end of 1985 that 
many bids were being aimed at 
assets that had ceased to be 
cheap. There is. in New York 
more than in London, evidence 
that the earlier leveraged 
takeovers (and buyouts) are 
starting to fall apart through an 
over-optimistic assessment of 
underlying worth. 

There would, more funda- 
mentally, have been no motiva- 
tion for the development of this 
market in takeover debt had 
there not been a supply of 
undervalued corporate assets 
on which to prey. Judged by the 
replacement value of their 
assets, an enormous number of 
companies have been extremely 
cheap fodder for anybody with a 
financial can-opener. Greed 
and power-mania certainly play 
a part— there must be an 
acquisitive streak in the 
psychology of any takeover 
aitistr-bul there has also been a 
yawning gulf between the low 
price of assets and their real 
economic value. Enter the 
raiders. 

The sheer size of the latest 
bids bus combined with scandal' 
to put toe idea Of a market in 
companies under question. For 
its choice of target, this book 
scores fall marks. 


Jeremy Stone 



WEEKEND FT XVII 


■BOOKS OF THE MONTH- 


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Modem Bills of Lading 

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For all Involved In International ship- 
ping and flnanca a dear explanation of 
Uie current state of bills of lading. The 
only up-io-date guide to the present 
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£19.95 hardtack phis £0.75 p&p 
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The Aimrtrad PC IBIS 
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Joseph St John Bat* and 
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Get the mhJdirwm benefit from your 
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£12.95 paperback phn £0.75 p&p 
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Practical guide for bookmen as swell 
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02.95 pap e rba ck pta £3.75 »&p 
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EUROFAX: The West 
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Ian Saberton 

Unique source giving quick and easy 
to over 2000 new FAX dialling 
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£18.00 March 1907 
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§ Data Protection Policies and 
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Aiastalr Evans 

Comprehensive report an protection 
policies. Considers measures neces- 
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£730 + 70p p&p 
Institute of Personnel Management 
Camp Read, London SW19 4UW 
Teh 01-946 9100 


Asian Economic 
Handbook 

Divides the region, which is noted for 
its dynamic economic growth, into five 
groups of countries which follow 
similar development strategies. Pro- 
vides an authoritative insight into this 
economically Averse continent and Its 
relationship with the rest of the world. 

£45b00 

EaroaonKor Publications Ltd 
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Tub 01-251 8024 


Flexible Patterns of Work 

Chris Cursor i 

Practical guide for organisations fac- 
ing new patterns of work. Covers In- 
depth study of impact, on 92 com- 
panies. 

£11.95 + £U3 p&p 
Institute of Personnel Management 
Camp Road, London SWX9 4UW 
Tel: 01-946 9100 


British Railways 1948-1978 
A Business History 

T. R. Gounrtsb 

A history of the first twenty-five years 
of puNicfy-owned railways In Britain. 
BOBpp O 521 26480 4 

t 4 fj nn net 

Cambridge University Press 
The Edinburgh Bufidiog 
Shaftesbury Road 
Cambridge CB2 2RU 


Insurance Brokers 
13th Edition 

An Incisive and detailed analysis of the 
financial performances over three 
years of 75 of Britain's leading quoted 
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Price £155 

ICC Basin* 


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Dafay Produce 
2nd Edition 

A detailed analysis of leading UK- 
based companies, measuring and com- 
pirfag financial performance by 26 
key ratios and growth rates. 

Price £155 

ICC Dns kie ss Ratine 
28-42 Banner Strait 
London EC1Y 88E 
Tot 01-253 3906 


Pr o pert y Developers 
1st Edition 

An authoritative new study of the 
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3 years' accounts data. 

Price £155 

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Industrial Growth— Scotland 
1st Edition 1987 

Analysing over 1000 of Scotland's 
leading co mpa n ie s this is the most 
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available. 

Price £79 

ICC Information Broop Ltd 
28-42 B an ner Street 
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The Growth Companies 
Register 

This well established guide provides 
flnandal profiles of the 2000 fastest 
growl nq private companies and names 
the directors who own them. Vol 1 
lists top 1*000; Vol 2 second 1,000. 
Price £95 par voL (me. pis); both 
for £175 (Inc p&p) 

Financial Publishing Ltd, 

3J/7 Curdtor street, 

London EC4A ZLT. 

01-430 0208. 


The Personnel Managers 
Yearbook 1987 

3rd edition of this highly acclaimed 
directory lists ail mxjor UK companies 
wttfa contact names of the senior per- 
sonnel management, other sections 
detail organisations offering specialist 
services and various articles of 
Interest to personnel managers. 
March '87 

£2240 Idas £L5<> p&p 
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London NW1 0DU 
Tel: 01-458 1607 


Mergers and Merger Policy 

Edited by J. Fairborn and J. A. Kay 
A collection of papers, brought 
together by the prestigious Institute 
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XVIII WEEKEND FT 



- 

Financial Times Saturday March 7 19? 7^. 

L - ; 

• D i 

IYER: 

S ION S • 

- : - - aaSfe - 


Cashing In 
on a cult 

WHEN Marilyn Anselm opened 
her first shop back in 1970 she 
did it for the simplest of all 
reasons — “I wanted to make 
money. My husband was work- 
ins with computers, which he 
hated, and I hit on the notion 
of opening a shop so that he 
could do something he liked. I 
now think that's the best disci- 
pline there is. I had to be very 
strict with myself and with the 
buying." 

She must have got something 
right because today her small 
but growing chain has a strong 
cult following among discern- 
ing dressers. In London and 
Bath and Manchester, in Croy- 
don. Guildford and Richmond. 
Hobbs fans snap up this season's 
perfect sweater, tbe toning 
skirt (in two different lengths), 
the boots tankle-length or knee- 
high). the belt — and all at a 
price that wouldn't buy vou one 
designer number in a smart 
store. It’s the nearest British 
equivalent to Paris' ineffable 
Agnes B. 

The look Hobbs purveys is 
timeless, classic, English, yet 
far from dull. The name (which 
Marilyn Anselm found in Horse 
and Hound) says it all. You wiiJ 


Lucja From clothes to tights to fabrics . . . how to succeed 

vander in business bv really trying 

Post 8 8 — — - 

Three women with 
the Midas touch 


Hobbs: from jacket to shirt to skirt to belt and shoes, one strictly edited concept 


This spring, for instance, 
there is a range of looks to 
choose from. There's a gaber- 
dine Edwardian jacket that 
could be worn with a long 
Edwardian skirt, or with a skirt 
that sits just below the knee. 
But lurking among the classic 
tops is a bustier which gives 
the whole thing quite a different 
air — insouciant young, up-to- 


controls everything from the 
design through the manufactur- 
ing and onto the retailing). 
When she started Marilyn had 
to sell what she could find. To- 
day 95 per cent of what she 
sells is designed completely by 
her and made for her to' her 
own very strict briefs by a 
small band of loyal manufac- 
turers. From small factories 


find no pyrotechnics at Hobbs, the minute. Nearby there will from the North of England to 

i---'.- - ■ i i u A ..... T? u — a .. l i ■ n ■ * . . . . 


iNjp.'iie fiiirmaii, a finalist for the Veuve Clique! 
Eus:.3esswonjan of tbe Year award, at the opening 
of her 43rd shop 


No chainraail rompers, or sock- 
it-to-thera colours. Instead there 
are soft jerseys, fine gaberdines, 
pure cotton classic colours like 
navy, cream, taupe and grey. 
They are clothes to suit anyone 
from 15 to 70. 

Though the basis of the look 
is classic — with skirts and 
trousers, shirts and tops, all 
iust somehow sl'ghtly adapted 
■o suit the seaton's look — fli*rp 
is always a selection of what 
Marilyn Anselm calls clothes for 
fun. 


be sonic leggings. Each and 
every customer can put the 
whole look together in a totally 
individual way. 

The final finishing touch is 
that nearby, too. there will 
always be the shoe or the boot 
that works with that season's 
clothes — there, under one roof, 
the fashion-conscious with little 
time or a less-than-sure eye can 
come a wav with a total look. 

The whole venture is nnw 
clearly completely vp rr Tally 
integrated that is. Marilyn 


shoemakers in Rimini come the 
sweaters, the shirts, the tailor- 
ing. the shoes — only the belts 
and the bags are still bought in 
today. 

It is the vertical integration 
that is the secret of the prices 
— shoes are seldom more than 
£40 a pair, sweaters hovpr 
around £40 (for pure wool) and 
the most p::pensive item in the 
shop is about £130 (for a de- 
railed pure gaberdine fitted pep- 
lum jacket and a wonderful 
double oilskin m3c). 


Today Marilyn Anselm and 
her husband Yoravn (he who 
didn’t like computing) still own 
and run the group themselves. 
They’ve had lots of takeover 
offers but they’ve still a long 
way to grow yet. Hers is the 
personal taste and aesthetic 
sense behind it all — she pro- 
vides the strictly edited 
concept, the totally integrated 
look. He offers the financials 
and managerial skills. Between 
them they own ten shops; they 
see themselves opening about 
five or six more (two open soon 
in Kensington and Kingston) 
and then tbe way to further 
expansion probably lies in mail 
order. ' 

'It's hard to see where it will 
all stop, for this one woman’s 
personal taste and style seem . 
to offer to so many others ex- 
actly what they always wanted 
and thought they could never 
find. 


Marilyn Anselm in this season's new, shorter skirt 


Putting best 


WATCHING a smiling Sophie 
Mirman at the opening of her 
43rd Sock Shop last week, it 
was hard to believe that just 
four years ago she (and her 
husband and partner. Richard 
Ross) were so desperate for 
finance that they were offering 
up to 49 per cent of the equity 
• in their proposed new business 
. for just £45.000. 

" Luckily." says Sophie, “ we 
found no takers. This meant wc 
•had to find the cash on our own 
. — we got it from a government 
-loan scheme — and so today 
wc still own 100 per cent of 
the business." 

As last year’s turnover W3S 
more than £6m (with profits of 
about £750,000). and this year 
they expect to double both, it 
has turned our. to be a bit of 
bad fortune that will have saved 
them millions. 

“We started the Sock Shop 
because we had this clear idea 
that it ought to be much, much 
easier for people to buy tights. 
Socks and tighis 3 re an every- 
day item and yet to get a decent 
selection or to find a particular 
shade women had to make a 
special journey to a big de- 
partment store. 

“We had been with the Tie 
Rack, which we had helped get 
r»17 the ground, had seen similar 
concepts work in the States and 
were convinced from the start 


that it would work. 

“ We thought that if it didn't 
work ona of us would have to 
get a job — whoever could find 
one first would take it. We 
thought that if it became very 
successful we’d have a chain of 
four shops. If exceptionally suc- 
cessful. we might even go up 
to six shops. 

“ We started our first one in 
Knightsbridge Underground 
station. We manned it our- 
selves. my bicycle was chained 
outside and if I sold more than 


and about 70 per cent of what 
we sell is exclusive, made to our 
specifications. It is also our 
buying power that enables us to 
keep prices down. 

“ Many of the tights we stock 
— like our plain cotton ones 
at £5.95 which are currently 
so fashionable — could only 
otherwise be found in a very 
few. exclusive outlets at much 
higher prices. 

“When we came into the 
market it was very dull. I'm 
still amazed at how unenter- 


half a dozen pairs of anything prising most of the manufac- 
I d have to cycle off to the 
wholesalers to buy some more. 

“ We were lucky — it worked 
from day one. In fact our big- 
gest worry turned out not to be 
lack of sales but bow to work 
the till. Neither of us knew 
how. 

"We soon expanded to more 
shops in underground stations 
but we had to work terribly 
long hours. We ran the shops 
ourselves, ordered tbe stock and 
delivered it ourselves. We used 
to have to check at the end of 
the day what had sold, go round 
to the warehouse and parcel it 
up and deliver it to the shops 
before they opened the next 
morning. At weekends we did 
the books. 

'* Now we have a fleet of four 
vans and 40 people in the stock- 
room. 

"To stock the original shops 
I just had to buy what was avail- 
able but now with 43 shops and 
more opening all the time we 


turers are. Few contacted us 
to ask if they could supply us 
and do something special for 
us. If we ask them they mur- 
mur that they’ve never done 
and they don’t think they can 
do it. 

" Now that we’ve got a small 
daughter I've seen how dull 
most children’s socks are and 
I've produced a range of special 
ones in pure cotton for child- 
ren. 

“Today I run the design and 
merchandise side. while 
Richard, who is an accountant, 
is in charge of the property— 
we are always looking for new 
sites; we think probably our 
optimum size is somewhere be- 
tween 150 and 300 shops. He 
also deals with all the financial 
side, and we both look after tbe 
personnel side. 

" To anybody who wants to 
do something similar, the chief 
thing I have to say is: it’s hard, 
hard work, but if it works It’s 


have much more buying power very well worth it” 


Churchill’s 

England 


IN YOU don’t live in London, 
Kingston or Bath, it is still just 
possible that you might not 
have heard of Jane Churchill. 
But if you haven’t, I can guar- 
antee it won’t be for long. 


Jane Churchill (the com- 
pany) was started just four 
years ago and. like the two 
other ventures I have looked at 
here, was a wow from the start. 
.The concept, like all the best 
ones, looks so simple in retro- 
spect — to provide a traditional, 
gentle. English country house 
look at very accessible prices. 

It was to be more "upmar- 
ket." if you like, than Laura 
Ashley — more sophisticated. 


less rustic and less artless — yet 
nothing like so grand as, say, 
Colefax and Fowler. 

It was to be traditional in 
the sense of combining easily 
and well with the things that 
most people already had. and 
yet it had to look fresher, less 
dowdy, more contemporary 
than authentically traditional 
fabrics and papers. It was a 
gap that nobody else had filled 
properly. 


Jane Churchill with her 
own collection of carefully 
co-ordinated fabrics and 
wallpapers 

Although Erik Karlsen, a 
South African with experience 
in the retail field, and designer 
Robert Adamson had the orig- 
inal concept, they felt it could 
not be made to work without 
somebody like Jane Churchill 
who knew the mraket inside out 
and had an established interior 
design business on which they 
could build. 

She quickly became enthused 
and the three of them raised 
the money (mainly from 
friends) to start the business. 
From start to finalised wall- 
papers and fabrics, and the 
opening of the shop, took just 
six months. 

In April. 1983. Jane Churchill 
opened in Pimlico Road, south- 
west. London, with a complete 
range of fresh, usable, inter- 
related fabrics and wallpapers 
at astonishingly reasonable 
prices. Fabric? started at £7.95 
and went up to £9.95 (this for 
polished cotton is quite some- 
thing) while wallpapers all sold 
(and still do) for just £6.50 a 
roll. Prices were marginally 
higher than Laura Ashley but 
tho look was a lot more ex- 
clusive. 

Its chief charms to those, 
like me. who bought it. were 
that il had that matchless way 
of looking unforced and “un- 
designery": and that because 


they had -concentrated- on. a 
limited range of colours, there 
was, within each colour range, 
a vast choice- of coordinating 
borders; papers and fabrics. It 
could hardly have been easier 
for the would-be decorator : to 
use the collection to create a 
very individual look. . . . 

The first day was an anxious 
business — nobody came through 
the door at alt except ar .friend 
with a- -bottle of champagne, to 
check the till. It hadn’t been 
opened all day! From the 
second day. however, it began 
to take off; and since then -the 
shop lias been moved to 137, 
Sloane Street, a much more 
convenient and accessible 
address, and new *hops ■ have 
opened id Bath and Kingston. 

The range has been expanded... 
so that, today, a much more) 
complete range of furnishings' 
can be bought — all in the same 
fresh, country, pretty modi 
There are lampshades and bed 
linen, sofas and chairs, coffee 
tables and console tables^-all 
designed to fit in with r.the 
things that people already own. 

Prices are still good (fabrics 
and wallpaper prices remain 
unchanged) and, for J thc 
moment, the plans are “'to 
increase steadily the product 
range and to open more shops, 
with an optimum number -of 
somewhere between 50 and 60. 

The concept will remain 
strongly focused and • un- 
changed — the Jane Churchill 
image has found a niche and 
intends to stick with it. 


!-./ 

l- 


Food for Thought 


Remember your roots 


ARE YOUR thoughts running 
ahead of you into the spring? 
A.s you leaf through those cross- 
Channel iinietabk-s again and 
spring seems always just around 
the corner, you might *<e 
tempted to think about spring 
and summer foods. Think about 
them, yes, but remember your 
roots. 

Eating rools in winter seems 
a primitive and humble thing 
to do. It might make you feel 
Tat best like a medieval peasant, 
at worst like a hibernating 


their unmistakeable colour, but 
a jumble of cooked roots — 
potato, turnip, Jerusalem arti- 
choke, celeriac — will provide a 
hotch-potch where everything 
looks roughly similar but every 
mouthful tastes surprisingly 
different from its neighbour. 

This game of " guess the 
flavour ” appeals to those 
restaurateurs who like to give 
you a puree or a custard or 
even a souffle with one of these 
flavours — always so familiar 
_ when the great steaming root 

badger. “Grubbing lor roots, detestable root to the cocktail is dumped onto your plate, so 
and “rotlmg" have a primitive- cabinet. infuriatingly difficult to pin 

_ sustenance sound about them. “Fine words butter no down without a visual clue, 

-quite unlike any other kind of parsnips." Couldn't agree more. Beetroot is another thing, it 
food-getting. waste of butter as far as I am is quite difficult to buy un- 

Potatoes apart — and I nave concerned. The French, who cooked, and when sold cooked 
grumbled on about potatoes know a thing or two. haven't it is almost always drenched 
-before on this page — I suspect acquired the habit of eating with vinegar. A Martian visit- 
.that most people can manage parsnips and I don’t think many ting these islands might well 
" very; nicely without much in other nations have. In fact, believe that beetroot — like 
the way of roots. We eat quite there is a strain of little- cockles and winkles — comes 
.a lot of carrots, which seem to Englander patriotism in the into the world tasting of vine- 
; be the first thing that most of whole business of liking gar. Why it should be assumed 
- us think to plant in the kitchen parsnips and making wiye out that people who like beetroot 
garden. But then, they look so of them and so on. also like vinegar is a mystery, 

pretty growing with their great similarly, patriotic Scots Served on its own, boiled till 
feathery spray of leaves And trumpet their liking for swedes tender a nd chopped up with a 
: apart from radishes which are wilich as *• bashed neeps," are ra . U5tard - v salad dressing while 
'toy food, anyway, there is the corTec t accompaniment to stl1 * warm, beetroot can be 
nothing else quite so good to haggis. The rest of tbe world ® cce P t, °nal | F fine: the nicest 
pull out of the ground and cat ( excep t the dedicated team who r0 n l °/ a1 ?' ■ . . 

: like confectionery as you stroll prepared niy school dinners) Beetroot is nice but very 
: round the garden. regards tm , wede as ^ assertiv^-rts purplish Stain will 

But talk Of root vegetables animal fodder ? ye anything that accompanies 

and the heart sinks at the The naV0lirs Qf root *. This is not. however, the 

monotonous race of swedes, tables may all be fairly simifar *° r 

• turnips, beets, yams and the j,ul they are not the same and aa . n /»® roas beetroot signs 
7 dreaded parsaip. Some people there is p^Ssure to be had bv Wl L ,d? are such a rairth-pro- 
are so fond of the taste of serving them together and y okm S Mature of minor roads 

parsnips, of their gross and encouraging ? bit of drtecti?e 5 SqUSU5 J C 3 

insufferable sweetness, that work oetecnve beetroot on the road is as bad 

they make parsnip wine rn Carrots will always assert “ * lce ’ „ A ^ 

* l,a only k-cause of Peter Fort 


AS LENT begins, my thougbts 
turn to fish — not penitentially 
but with pleasure. It is good 
to discover bow much easier it 
is now than 12 months ago to 
buy smoked haddock on the 
bone; so much juicier than fish 
that has been filleted before 
smoking. And it is encouraging 
to see that more and more 
smoked haddock now is the 
pale straw colour naturally 
acquired in smoking. Dayglo 
yellow dyes are on the wane. 

I am glad too to find that 
smoked trout is available once 
again. It never disappeared 
completely of course but for 
many years it seemed almost 
invisible under the blizzards of 
enthusiasm for smoked 
mackerel. 

Trout is a superior fish, deli- 
cate in flavour and texture; 
smoked mackerel is oily and 
coarse by comparison. The 
smoked trout on sale now 
doesn't seem quite as good as it 
used to be. Maybe my memory 
plays false, maybe it is fact. It 
is certainly true that today's 
smoked trout is likely to be a 
farmed rainbow, whereas the 
fish of yesteryear probably 
lived in the wild. 

Smoked haddock and trout 
both make good little lunch 
dishes which seem particularly 


Cookery 


Feast on fish for Lent 


serving. Sprinkle the thin slices 
with a little salt, sugar and 
tarragon vinegar and leave for 
3&45 minutes before draining 
and patting dry. 

The fish should be brought to 
tabic ready prepared for lazy 
eating — skinned, filleted and 
reassembled in the 


neatly reassembled in 

. . kitchen as close as possible to 

appropriate at this curious time serving time. 
oF year when the weather can There should be plenty of 
change in the course of one good brown bread of course, 
morning from spring to winter s ji ced very thinly and spread 
and back to spring again with with creamy butter, and a bowl 
alternating flurries of snow and 0 £ SO ured cream or Creek 


warm sunshine. 

Smoked trout always looks 
appetising served on a close 
carpet of watercress. For n 
minor variation on the theme I 


yoghurt into which a little Dijon 
mustard or freshly grated horse- 
radish has been stirred for 
extra bite. 

I( the weather plays foul I 


sometimes replace the water- wou |d precede the trout with 
cress with Iambs’ lettuce or set pure chicken broth, served pip- 
the fish in a sea of thinly sliced j ng j,ot j n delicate china soup 
courgettes. Courgettes are a cups an( j saucers. For fairer 
much better buy than cucumber weather I might choose instead 
at present and they taste parti- , a jj invigorating glasses of 
cularly good if some of their freshly-squeezed blood orange 
moisture is drawn off before juice. 

ar u 


Smoked haddock is less usual 
for a salad but every bit as 
good. Poach the fish, flake it 
and lay it on a generous bed of 
grilled and skinned strips of 
red pepper. Dress fish and 
pepper with plenty of good olive 
oil and coarsely ground black 
pepper, just a little salt and a 
hint of lesion juice. Leave to 
marinate for several hours 
before draining and serving. 

I like to accompany this with 
a big bowl or crisp watercress 
and lots of. crusty bread 
(French or soda) that has been 
warmed in the oven. If I am 
feeling particularly greedy 
there might be a bowl of light 
mayonnaise as well — I mean 
rich home-made mayonnaise 
lightened by beating in some 
soured cream or yoghurt. 

As for hot smoked haddock 
luncheon dishes. I am very fond 
of Haddie and Eggs (smoked 
haddock topped with poached 
eggs) which is really a Scottish 
high tea dish I suppose. 


I love too what I call smoked 
haddock Florentine, but which 
is only Florentine in as much 
as the poached fish is laid on a 
bed of fresh steamed spinach. 
Instead of the usual blanket of 
cheesy sauce I cover the pair 
with Hollandaise. Rich and 
delicious. • 

Omelette Arnold Bennett is 
another good lunch disivgrati- 
fyingly quick to make and the 
best way I know of using up a 
very small quantity of leftover 
cooked fish. Just three or four 
tablespoons of flaked fish are 
enougb for two people. 

Warm the 'fish gently in a 
generous nugget of melted 
butter. Add it to four lightly 
beaten eggs, together with some 
coarsely ground black pepper, a 
tablespoon of freshly grated 
Parmesan cheese and a pinch 
of salt if needed. ’Turn the 
mixture into a hot buttery 
omelette pan and cook in the 
usual way until the egg is set 
underneath but still liquid on 


top. Sprinkle on a tablespoon *. f 
of chopped chives, pour on • 
three or four tablespoons of 
soured cream, then dust lightly 
with ■ Parmesan and bread- 
crumbs. and flash the omelette 
briefly under a hot grill. Serve 
straight from the pan, cutting 
the omelette in half, 

More soothing and warming 
than this is a substantial soup 
of smoked haddock with leeks, 
bacon and prawns, which is 
based on traditional Cullen 
Skink. 

To serve three as a main 
course I allow nearly 1 ■ lb 
smoked haddock. Put it into a 
pan with half a pint each cold 
water and milk, a bay ieaf and 
some parsely stalks. Bring very 
slowly to simmering point' cover, 
a’nd set aside for 10 minutes. 
Then strain and reserve the 
liquor; fillet and flake the fish. ( > 
Soften a small finely chopped 
onkm in some butter. Stir m a 
scant i lb diced potatoes and 
pour on the fish liquor. Half 
cover and simmer until the 
vegetables are very tender. . 
Reduce to a smooth purfie. 

Return the purfie to the soup 
pan. Add the flaked fish 'and 
2 oz of cooked and peeled 
prawns, and set over a gentle 
name to warm through while 
you fry a couple of .streaky 
□aeon rashers that have been 
cut into snippets. 

a ^ ee ^- (tender green 
as well as white) so finely 
iiltLj 01 ® 1 ® ave s fall into ribbooy - 
shreds. Add the . leek to the 

*Kl stir until every V 
snred glistens with fat 

„„^7 er and steam-fry for : -a ' 
couple of minutes, just shaking - 
occasionally. Add the 

SSi tTymg ***** thc 

st| r gently to mix 
hS^. ng wen - ^son -with 
if th k - 2P per * add a lfttle shit - 

«eds it, and serve 
gashed with fresh -chopped 

Philippa Davenport 




Cr 4 






V- •• . . 


La I : C. 


<>*U£s& 


■;; fjfiaadai Times. Saturday, March 7 1987 


WEEKEND FT XK 



Lucia 
vander 
\ Post 


The agony 
and the 
painful 
ecstasy 


workerit we would all be living 
ZOne » the ' t^acco companies would 
£X iJ WS !’ ■*»*•*&* government’s** revenue plans 
would ue.in rninsiv As it is, the weed* although on the 
: ^*** ®* S ®1 an 4 smokers seem to need 


• : something more to make them take the fateful step. 

■ u&J discovered what it is — a challenge. Take an 

Offiee (tbe, one, adjoining mine) full of hardened 
- smokers. Take an ardent anti-smoker (me). Suggest 
>*■ ^^Uengmgly that there is an extremely difficult 
gffisignment ahead-— to see who can give up s moking by 
^ing L one or other of. the avaflable methods. 

Two months on and the air is (nearly) sweet (if a 
¥Pe smog), the coughs reduced to a trickle, the 
. ashtrays gone, v 

9^;_ :If you have found, like Mark Twain, that it is 
perfectly easy to give ^smoking— why, you’ve done ft 
hundreds of tunes— read on. Here is how they (nearly) 
all did k one last time^ ■ 

My “last** cigarette was a 
tame affair. There was no 
Eucalyptus, no crimson filter tip, 
and no satiation. 1 smoked 
■ my “ last " cigarette at 7.31 pm 
on January 24. in the sanctuary 
of my own kitchen. 

Twenty-four hours later. I 
.was quivering with irritation. I 
had cramp-like tremors and 
brooded horribly. What a trick 
life was! What a wretched con- 
spiracy! The second day was 
worse, although I still didn’t 
weaken — at least not until din- 
ner. when I smoked a cigar. On 
day three. January 27, 1 smoked 
several cigars and numerous 
cigarettes. 

By the time I returned to 
work on February 2 I was 

'-jfVlIlf fnrlrPV puffing away merrily. I was 

. Mlincj expansive and happy, although 

By Michael Thompson- 3 had at least changed my 
vLi : .. ... brand; Instead of Marlboro I 

XVOOl was buying Silk Cut, which are 

HER NAME was Eucalyptus . considerably weaker. 



*//• 





ly 


**“ cHm. E>/KrEV'V=sr^4 


Coldtarkey 

By Miehael Thompson- 
Noel 




CandleliQht moulded 


But I was wracked by guilt. 


alabaster shoulder and flecked so 1 planned a new dale for 
ller irises with splinters of stopping. 
pearl A breeze stirred the My new date for stopping 
drapes. Her breathing had was February 8. a Sunday. 
slowed. She lit a cigarette and Again I smoked my “last” 
handed it to me. its filter tipped cigarette in the quiet of the 
jrjth crimson . I grasped it sen- kitchen. The first day was hor- 


subusly — my last cigarette ? 
Well, now. I have often fanta- 


rible, the second far worse. By 
then I was back in the office. 


- cised on the where, when and like a hamster on bis treadmill 
. ' how of that marvellous moment —the people/ the noise! the 
* — shot through with, melancholy chronic over-crowding.' 

: — when 1 jettisoned cigarettes. At present my smoking is 


The man who said he would give it up AGAIN tomorrow 

Confessions from a 
smoke-filled room 


acutely aware of my surround- 


-when I jettisoned^ cigarettes. At present my smoking is ^ her voIce> noi ^ s outside> 
Just imagine, my bram cells limited to a agar now and and most of aI1 mv discomfo rt 
have told themselves: from, the then, to ease stress or celebrate and embarrass™™* at hointr 


and embarrassment at being 


moment he stops smoking, this good tidings. It is very hard such a .. bad » t did * 

husk we inhabit .win he pure work. But I know Jt will be He iXtiSHnV I vSt 


quite sure how to tell her that 


.:and whole aRarn. what a ravish- worth it _ quite sure how to tell her that 

ring experience. • Health Education Council. it working That 

h "5? JfS, wr’f t I W iAT? 0rd Street ’ London ’ first session was taped and the 

-^partictilariy ^for_ a.JTOdffinig-- ..WC1A IAH. therapist suggested-playing *he 

■ heavy smoker who decides, like •• tape once a day until the next 



Over the years (about 25 in r'/DflinCpIlinO 
my case) I have tried many of 

the hard ways: cutting down on - n _ l b „ ivahall 
cigarettes or trying not to buy By Barbara Dalzell 

any; chewing gum or sucking i SPENT a weekend of my life 
sweets; and a few half-hearted hallucinating about salami. A 
stabs at cold turkey— or what 4S-hour obsession with it almost 


ine, that the best way to quit is 
“to go cold turkey: to cut the 
- habit dead without benefit of 
counselling, acupuncture, hyp- 
nosis, or any of the aid? and 
props on which weaker souls' 

Tely. But as l am discovering, to 
cut the habit dead is to venture . 

•• in the void on a grim, and hor- 
v rible journey. • . 

To guide me across the abyss, 

”l cast in my lot with an excel- 
lent booklet — So You Want to 
Stop Smoking — from the .. 

: Health Education Council 
.•4HEC). To stop smoking takes 
Mime, it says, but it can be done. 

There are four stages: 1 — You 
■ think about your reasons for 
•flopping. 2— You prepare to 

'Stop. 3— You do it Just stop. — 

4 — You work on staying stopped. . 

. Stage 1 can take anything HypnOtlSlH 
ifrom a few days to a few yea-re. J Mr 

;. stages 2 and 3 can be over m By Barbara Gunnell 


therapist suggested- playing the 
tape once a day until the next 
session. 

The tape proved to be a 
superb relaxation aid. though 
finding 20 minutes when you 
can shut out everything — 
phone, family, etc — might not 
be easy for everyone. But. 
unless being very relaxed ' 
counts - as hypnosis,' I'm still 
sure it had no hypnotic effect. 

The tape suggested that I • 

should limit myself to about t .lt£WIIlP g lllT l 

four cigarettes a day. A couple _ „ T? , 

of days I had none, a couple of By Malcolm Rutherford 

1 FAILED. The main reason 

?,“*} SI; must have been that I did not 

I had four or five. This, thought trv harri <mn.. 0 h 


Carr derisively calls the Will 
power Method. 


took my mind off the fact that 
I was going to die if I didn't 


All are doomed to failure, as have a cigarette, that I’d kill 
he explains. All are agonising— for nicotine, that smoking was 
because they rest on the a glorious life-enhancing 
assumption that you still Deed activity. 


the drug. 


I'd given up smoking before 


* ■mu i UUl or live. 1UB. u«Mi K ni ^ hard enough. 

my therapist at the next ses- There were otbere. 

&i °i n didn*t eninv^hi's P^inn T Chewing gum is an acquired 
e JL taste. It is anti-sociaL It is very 


I FAILED. The main reason habitually relieve with a smoke. 
™ US L^ V * bee l 0131 1 did n0t Substitutes, of whatever kind. 


Cutting down means that 1 

those cigarettes you. do smoke 

You "mSSf “ore T2pS Full Slop (01444^3876) which 
Between them, you suffer the offers four three-hour counsell- 
pangs of every smoker when he 
or she needs a fix, magnified by 
time and intensified desire. You 
suffer, in other words, for 
nothing: building un for your- 
self the stress which you 


rest on the same assumption. 
Whatever you might chew or 
suck, you are simply reminded 


felt guilty and wilfully stub- difficult disDose of It des- that what you really want to do 

n„ difficult to dispose ot. it des- ie cmok< ,_ vnrp stress. 


“ m ? e ell Sr C S£L 3 ' the tote bu ds. II sucks 

^ out fillings from the teeth and 


is smoke. More stress. 

I have tried being scared. 


t from a few days to a few yea-re. * * scions and asked me to recall “r u “ / H *. t religiously reading all the re- 

Stages 2 and 3 can be over m By Barbara Gunnell past events. While my brain. it rhea? — ports about Uie health risks. I 

•'Jiours or they may take weeks. m TOt ^ how I left/rigbt. conscious/uncon- da vs' su d oi v chan- have even made a point of read- 

. Stage 4 is vital — it may be became a noiwmoker but hav- scious. steadfastly refused to JeHor Law^on should out a tax jng the health warnings on 
■i«ome months before you can be ^ ^ ud falled M o£te n torow up any imagery at all l? X begins to wo?k cfarette packs and have tried 

«- 3 . nmi unit TWiVPir . . r , fr-r>m mV nnct uie anosoM in a 0,1 11 alsu ue « lus l,u ” ul1 ' .. .L. : _ I. ...k.f than 



..back, says the HEC, just start is that a few weeks 

again from the beginning, many stopping 1 visited a 

's’ " people have to fay a few times hypnotherapist and though I 


Nothing.' 1 

“ What colour is nothing? 
*' Grey." 


The best approach seems to 
me to spend more time in non- 


EST-iHS 


■Good. hypnosis worked it wouia oe 

^To help you through stage 1 t0 deny a possible Unk. po ^ e at p ^% s ^°S' 0 ^ d: 

■i—fhinfeing about stopping amok- The hypnotherapist-a very ^Wiat dojou see now. 

•' ins— the HEC bnskly sum* pleasa nt and totally uncranky u ***?*«• 

• marises tbe obvious gains- Right woman — started by taking a de- colour 

you’ll be free of a costly taiIed personal history. Her n0 .. s 5|^ n a l er grey " 

habit You'll smell fresher. wiU aim> s he explained, was to find gugi^paier gT y. 

-"be healthier, and you’B^ r ®® why my sul^onseious ( n gh t My subconscious — clearly 

"of the worry that you might be brain) wanted to determined to carry on smoking 

killing yourself. why it rcsisted aii argum is — b ad cunningly gone into hid- 

’ C,^ e 2— preparing to stop- an d persuasions to stop from my ing 

. j, aii^about breaking the habit rational consaous mind (1 The next session cam^ round 

15 dU .. . .. L.I.. if thmr hrarnl. r * , T 


fcSSf^taT'w.'TS; Ri>.(T by PW«- Taylar out depdted of i.lcs 

bouses. ^ Smokers ^ are j being lSnhHre _ 13*4 . 36 n D n, £2.U5) greatest support system. 


people’s 


to think about what they mean. 

But fright simply makes 
smokers want to indulge more, ing sessions spread over two 
No one has smoked even one weekends, 
cigarette during the past -0 The course, run by Ciilhan 
years without being aware that Riley. tnb« smokers through the 
it is a health risk. . pschology of smoking aridi-.iion 

I have tried books. One. The and explains hew :o stop wirh- 


squeezed out. and 
this object. 


do not 


(Sphere, 1SS4 , 360 pp, JE2.U5) 
is a rigorous analysis of the 


: support system, 
classes are held in 


“ Slightly paler grey. 

“ Good — hold on to that . . ." 
My subconscious — clearly 


is au - . . . The next session came round 

Some people find it helps if they brain). in far too quickly and I realised 

Snt doumon cigarettes before She did not specaJise m ^ dismgy that x had not 

they actually give up. But don’t smokmg but h *d treated listened t0 ^ tape once> had 

look on cutting down as an smokers before- She though th been smoking as muC h as ever, 
alternative to giving up and chances uf success were ,M0 ^ couIdn ., f ,„ „ hour 0l 

5551° i* for more than a per cent and that if the treat de | ving jj,t 0 my imageless past. 

weete ment failed this was likdy to j SnSl decided I 

Get some 6 help— ask friends b e the i^ult of a deliberate should ^ muC king around 
and family for support— and cision by the c : '^L , s< 0 JJ and just give up smoking. I 

J51 a dav when you are going smoking. For example, one el]ed ^ sessl0n and a few 

"Make it a day when client had discovered under dayg later r imoked my last 
von St \ridl not be under much hypnosw that smohng w h cigarette . 1 knew without any 

Uie HEC. "The day one * B *2!3lL a iff 1 of service doubt tfaat il was my last and 
2J55; Jet rid of all your agar- wwe exemplmy life of se that marks the second major 

be.ore. ge lighters.” to others. He chose to go on ... nce between this and 


»« " “ff £ SfS'i 

be the result of a deliberate de- . rmir'kinp arnimri 


should stop mucking around 
and just give up smoking. I 



tobacco industry and its effects friendly, relaxed atmosphere — 
on our lives and struck me as so relaxed that there is no 
one ot the most brilliant brave shortage of ashtrays around 
and perceptive works 1 had i*v<.-r a nd no suggestion that one 
come across. What effect did should stop smoking the minute 
it have ou mv smoking? None one starts the first session. Giv- 
at a y ' ing up, as Gillian explains, is 

As for the much-vaunted cold not 3 one-off event. It is part of 
turkey, well . . . il is just about a process. 


the most stressful circumstance 
for a smoker that could be de- 
vised. 


To make sure that Uie process 
is working. Gillian continues to 
phone for lip to a year to see 


that marks the second major 
difference between this and 


Then, a friend of mine told if further counselling is needed, 
me about Carr’s book. It is the What impressed me most 
anLi-smoIting hype of the about Full Stop (and eon- 
moment, and it had worked for vlnced me that it was well worth 
her. the £150 fee) was that it was 

Carr is a dedicated ex-smoker, intensely positive. The diflficul- 
wirh all the zeal 0/ the lapsed ties of giving up were ai-know- 
Catholic or Communist. I have ledgeu and dealt with but the 
a feeling I wouldn’t want to underlying emphasis was on tlic- 
find him sitting next to me on rewards of being 30 ex-smoker, 
a plane. He published The Easy I can’t pretend that stopping 
Way to Slop Smoking privately smoking was a laugh a- minute, 
two years ago. and it began to Withdrawal symptoms are 


w.os.'ihi-n.ys^d lighters- ^ ’^"ratter W* dUE ?- ren £ “ 3 Wat/ to Stop Smoking privately smoking was a laugh a- minute. 

^So I picked a day— January smofang rattier h x earlier attempts to give up. BvTimGODSill two years ago. and it began to Withdrawal symptoms are 

9*f?which fell smack in the innPri ihS I was not go- like most people giving up , 3f ., build up a following. Then, withdrawal symptoms and noth- 

two-week holiday, rather hoped that I was not go- smotong x have m the past THERE ARE a million hard PenguiD brought it and it took Jug on earth can make them 


u . lulft . lli ,p«b holiday, raxner uojicu 

middle of a two-weeK n ^ pay £20 a session to dis- 

This was sensible. £fi*e “* that mv subconscious was 


This was 
smokers. 


craving 




for cover-that my subconscious was 
to! stuck in a similar rebellious 


approached it as a war against W* t0 do a °^ thin f ^!° e off. 

a powerful enemy. Every * a *> } baye found The To gj ve out Carr's secret stopping I no longer Feel that 

minute is a battle with the gw W«r to Stop Si ook^ ing it ^ fe like the femous review Jd kill for a fag; there have 

possibility of smoking. Willi «« fflhnn “ of The Mousetrap in the saHrical been moments, however, when 

...in a. nierai-ortp? bought it in a DoOKsiiop. ■ « .. -n W ., maimine somebodv was on the 


enjoyable. Three weeks after 


ggi ggg J-A-sssiS JS »5aa S’sHSwa SSSKSra 

mg ^d^poiiucs. possibility of a cigarette there i ^*SuS£ towJS ^oid it. Because what he says 


CAVID HICKS 

SALE 

Considerable Reductions on Hicks Designs 

v° 1 10 a Gnw s rfas ESSO Ott 


,0 giving up smoking. -- « worn a smoka ^w - and *5^5 

© British Hypnotherapy Asso- claims, for the book or myself. course, it happens quite a !bpre are only ^ ^ S5 le f t in 

ciation, 1 Wythbum Place, Let us take tilings a step at a T A i ^ mP *V? i T ^„^ yself: the packet: -ihe pleasure of plav- 

London Wl. 01-733 4453. time. No - 1 doa *■ And 1 tton l - ing with my Persian cats who 

SO THERE YOU HAVE a bit too good to be true, this miracle can last, we spent a month in a kipper 
rr. The astonishing fact if you feel the ex-smoker promise to report back ftcuny- • ■ ■ 
is that out of our six is just one cigarette away to you in three months. ^ ug . nef;s ; JoSel 

guinea-pigs, five of them from restarting the noxi- Apart from anything i hope, but at its strongest when 
are currently off the ous habit and if you are else, we’ve got to keep ^rang? 0 OTeiiff^uoSeiiS? 
weed. If it all sounds wondering just how long the challenge going . . . things in their jnoutJis. 


maiming somebody was on the 
cards. 

Irritable moments aside. I'm 
feeling the benefit of stopping. 
None of that sordid spluttering 
and wheezing in the morning: 
farewell to pan icky feelings 


10 1 Jermyn Street SW 1 _ 


. ■ " • 


Hypnotism 

By Ian Davidson 

I HAVE not given up smoking; 
Uie furthest I am prepared to 
go in public, at the risk of 
sounding a touch smug, is to 
confirm that 1 have not smoked 
since just before lunch on Tues- 
day, September 9. 198t>. 

Naturally, I do not mind if 
my friends gaze at me with 
wide-eyed admiration. But what 
none of them seem to have 
guessed — 1 hardly dare admit 
it even to myself — is that 1 
may have passed through a 
mystical personality change 
worthy of Taraino in the Magic 
Flute: 1 did not give up smok- 
ing — but I may have become a 
nen-smoker. 

Jt all started a long time ago 
— 82 years ago, to be axact. 
The army used to space out 
the boredom by encouraging 
new recruits to smoke at fre- 
quent intervals: “All right, 
lads, fall out for a smoke 1 ” For 
me, that was the beginning of 
32 years of 40 a day — which 
works out at about 467.200 cig- 
arettes. 

Giving up was not because I 
was feeling ghastly: I did, of 
course, enjoy a ritual coughing 
spasm every morning and 
heard plenty about snoring at 
night, too. 

It was because of my wife; 
or rather, a pincer movement 
between my wife and her 
dearest friend. They say that 
nagging does no good; I've said 
it myself; but if the nagging 
hecomes really beastly then the 
pressure can get quite fierce. 

The dearest friend had a key 
to the problem. She had heard 
of a man who does hynotherapy. 
a Mr C. H. Kingston-Hardy. So 
I wrote to him — for some 
reason, he did not appear to be 
in the telephone directory — and 
in due course he fixed an 
appointment. I went to see him. 

This is where the puzzling 
part begins. In a 1930s block 
not far from Baker Street I 
found Mr Kingston-Hardy in 
what appeared to be a one-room 
fiat divided into a very small 


sitting room and an even 
smaller kitchenette, with a slid- 
ing door between. The room 
contained an armchair, a divan 
and what tired to he called a 
radiogram, except Ibal this one 
included a cassette player. Mr 
Kingston-Hardy inquired about 
my smoking level, and con- 
fiscated my fags and lighter. 

He then invited me to sit in 
the armchair and listen to a 
cassette lie had prepared: he 
switched it on. and disappeared 
into the kitchenette. Aha, I 
thought, this is the relaxation 
phase, and then he’ll give me 
the business, with swinging 
watch-chains and clicking 
fingers. 

I couldn’t really tell you what 
was on the tape, except that it 
explained at great length that 
smoking was very bad for you. 

When that was over. Mr 
Kingston-Hardy came back 
through the sliding door, 
invited me to lie down on the 
divan and. before disappearing 
into the kitchenette again, put 
on another cassette. Aha. 1 
thought, this is -the second 
relaxation phase — then he'll 
give me the business with the 
.pin-point light and the 
melodious voice. I couldn’t re- 
hearse in detail what iwas on 
lhe cassette, except that it 
explained at great length that 
smoking was .bad for your 
health, that it would take a 
long time for all t-he poisons 
to drain away, and that I could 
not risk having a single 
cigarette ever again. 

When the second cassette 
ended, Mr Kingston-Hardy 
came back through the sliding 
door and reminded me that the 
fee (which we had agreed on 
the telephone) was £50; so I 
gave it to him. I was surprised 
and sony that there was 
evidently going to be none of 
the expected business with dim 
lights and piercing X-ray eyes. 

Despite this slight let-down 
over the atmospherics of the 
seance, I am forced 'to conclude 
that Mr Kingston-Hardy is 
latter-day Sarastro. All the 
other people I know who have 
tried to give up smoking have 
complained of the fearful and 
constant effort of will required. 

Not me. I .have frequently 
thought: how nice it would be 
to have a cigarettte. But I cannot 
pretend that I have had to go 
through any very strenuous 
moral press-ups to resist it. 

Nevertheless, I still think my 
unassuming public posture re- 
mains a prudent precaution: I 
may yet discover that my trans- 
mogrification into a trulv 
superior and wonderful non* 
smoker was imperfect!? 
achieved, and that I am less a 
Tamino than a Papageno. Still. 
I have lived over four months 
without t«he weed. At £50 a 
throw, that’s a great bargain. 

C. n. Kinrsiric-Hardy 
01-402 6957 


was then I 


days were over.” 

After a life where perfection was the aim, 
imagine the heart-stopping moment when a 
musician realises all is not well. 

A note not quite reached, a passage you 
knew backwards but now can’t quite manage. 

These are die signs that a musician has come 
to the end of alife of giving pleasure to others. 

But you can help. 

Just as they have bestowed their gifts on 
us we can give something back to them. 

A donation to the Musicians Benevolent 
Fund would help them come to terms with their loss. 

Even better, remember the Fund in your 
Will That way your love of music can live on for 
others to enjoy 

Please send a donation, large op. small, to: 

MUSICIANS BENEVOLENT FUND 

Dr Philip Cranmer, ma, frco. Chairman, 

16 Ogle Street, London WiP 7LG. 



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XX WEEKEND FT 




Financial Times Saturday March 7- 1987 


BOOKS 


elusive politician 


Almost but 
not quite 


RAB: THE LIFE OF 
JR. A. BUTLER 
■ by Anthony Howard. 


■ There were two cardinal 
points against him. One was 
Munich where as a junior 
mini ster at the Foreign Office 


Jonathan Cape. £15.00, 422 pages be continued to take the 

Chamberlain line on appease- 
■IT IS surprising that there *** 


should have been until now no 
full-length biography of R. A. 


The other was Suez when, 
though a senior Cabinet 


Butler. He was, after all, one Mnnster, he virtually dis- 
of the dominant British appeared from sight, neither 
politicians of the post-war wholly supporting nor wholly 
period, spent the war working OPP^^S the ^ p ST atl ii?' 
on the Education Act that popu- “ tbe words of MaudUng. He 
larly bears his name and even the impresion that he was 



Fiction 


Other selves 


THE COUNTERLIFE 


man- nove^the* last to be 
published dealt somewhat 



had a foot & the pre-war camp. 
So far we have had to rely on 


lifting his skirt to avoid the 
dirt.” Howard writes that he 


his own memoirs!, called may have regarded the whole 
. typically The An of the 


Cambridge days — “And in this special course of history we’ve made up for you, 
I become Prime Minister ”... Trog’s cartoon reproduced in Anthony HowardV 

book 


' . Possible, published in 1971. i c Ji *** tFUe ut 15 So it was a respected Cardinal table was designed by Francis were beginning to lift and it 

It is less surprising, but still it that he remained, and one for Bacon. might have been hard to fail, 

odd, that this official bio- H ™* hn , lTfi whom the knives would always Yet his main interest did lie He reckoned, however, with- 

. graphy should have been tw come out if he went too far. in reshaping Conservative out Suez, the departure of Eden 

un.44ta.rn d,.h.tv vacant Vvn nave xaiiea inree tunes io . . c { 4+»a 


might have been hard to fail. 


by Philip. Roth. Jonathan Cape digress ively with- ' Eastern 
£10.95. 328 pages Europe— Zuckerman buried, his 

father; in- this one he Jburies.his 
HOWEVER. MANY times younger . brother Benry;^ or 
writers of fiction try- to warn, rather he seems to buryhim 
the' reader against identifying because, the -reader ifeVer; knows 
the central figure with the - .untilltbe end which. events are 
author, such an Identification real and which.are fictiv^ iiiven- 
often becomes impossible tinns of the. : fertile [ brain of 
to .avoid, especially , when the N athan ^Zucke nhan,- : being him- 
character’s situation ■ seemS self but a figment o/ the even 
precisely that of the author. If more fertile . brain 'of Philip 
“Christopher Isherwood" was Roth. : . r • r r ' 

not meant' to be Christopher _ You - Will have gathered that ■ • 

Isberwood *h»Ti why .on earth ’l is an elusive novel to de- . 
was he given the same name? - -scribe; deliberately so. Every- 
Philip Roth has been aware thing tiutt happens seems to ~be 
of this problem ever since he immediately: .negated, or contra- 

scored such a resounding sue*- dieted by what ^happens next; _ 

cess with Portnoy’s Complaint , or,- to attempt' to. put it more Philip Roth: among; brajMB, 
His response since then "has* strictly, ' the" -structure is that of . -.t. 

been to publish a seauence of .thesis isuceeedfyi by smtith^iS. living flesh and blood' figure . 
loosely connected novels about anticipating -sF synthesis that 0 f ^hilling Intractability whose 
the fortunes of. a Jewish: never comes. The two pillars, tirade is presumably not ineaait 
American novelist from , dr oppoahe^ poles, ’of- this edi- to be identified with Roth’s trtm 
Newark, New Jersey, whosud- fice are.'the two brothers whose position At the end the narra- 
denly achieves fame and huge characters and lives seem ‘ to . fetches’ op m a GRiucester- 


He reckoned, however, with- sales with the public at large, stand in stark contrast, to each shire village where ' .Nathan 


written, at Butler’s request, by x, p_:™„ Minium-- in tho Apart, uum uie duumuuu 

. Anthony Howard, once the to auS to Eden AcL Principal achievement 

od tnr nf Via succession to cnurcmi i , to -&aen . - *, a 


Apart from the Education 


. his official biography to some- * , ' married into the Courtauld Powell. Boyle and others all disagree with Howard when he 

on « 00 it 1 ®. Ieft - Howard has found a note family in 1926 he was given came up under him. MacLeod, writes that by the year 1962 

Howard is scrupulously fair; among the Butler Papers which £ 5,000 a vear tax free for life, and Powell still wanted him as Macmillan " had come to regard 

a b !l?!? pher from ae right — records: "To sum up the whole The couple left on a world tour Prime Minister in 1963 and re- Rah as a trout that he could ^ 

"JET®,."" 60 !* unpolitical — thing, it 15 no good thinking i ast j ng a year . when the con- fused to serve when Douglas- tickle and play with at will.” J 

oS OFL - dl f?2f tJ 7 ST’S, *?,££ 5* a lf °, n JL ,S stituency of Saffron Walden- Home was chosen instead. He seems to have been in the “ 

SSd to^nehStolf ££F£h£ where Courtauld was the major With hindsight his heyday Conservative Party because it ^This 4 , 

filSj? 1 ' *&? £ R employer— looked as if it was was probably 1951 when he was simply never occured to him to eWient 

-the^bl* M bto^tan“er ? - ^Sd^Sd’S^hS ‘SJS25J2t“ Z“. TSSt beloT.g.oarybthBr. In the end 2S5Eft 


pe^malit3es oE Here we feel, as alwaysinRoth 
■s fit, are mere a t.his most penetrating, that 
are as the novel what ^ being savagely^ exposed 


identify me with Nathan if you come to terms with what-fr'in? comedy confected’ vrith 1 sUcfeA- 
must, and see how far it gets volves to .he a Jew in .these piquant’ . liveliness of touch. as V 


you. 

W1U1 nmasigoc ms neyaay uonservanve rany Decause nr This ironical stance was an The section “ Tntiea " set in “ 
was probably 1951 when he was simply never occured to him to el^int S irevi^S ZuckeAnS isn^ ln^ settlemSt an tS ft em inappropriate.; if 

made Chancellor of the Ex- belong to any other. In the end SSE 1 .? SJT S they .were .Dpt so -agomsmgly. 


countries. . 


make, solemn : .reflections 


Z&g rf JSWiSS'C ally handed to him on a plate ES*Tm iwart remark tSat f &? * 

• correct in be^bo^Id whether^ he ?Butler) S ^as a He ” nva ff ed not b y making “if ever a politician appeared book fills a big gap. although I 

never be allowed to become candidate He speeches, but by showing films to have the next decade at his think that Howard has unduly 

Conservative Deader ° He ^ to a ooVnt hut to ‘thTSiS °- f ^ y° rld t our on mobUe feet” it was he. He was a sue- suppressed his talents as a 

• too soft of h^ng a wte on Si?L e ?er® U f L 1 eir « ssful ChanceUor, though at a journalist His book is a trifle 

s ote n tne matter. London house the glass dining- time when the economic clouds d ull. 


tSS dovc1s: ia ^ Counterlife, an West Bank among a ’ fanaticaj Stent^ long JSa *3r3&- 
52k, ambitious and brilliant conclu- group of Israelis, is one of the SNEE '' 1 “ *$S? 

book fills a tH g ^p. aithough I sion of the series it ^ of the ^ ^mgs Mr Roth has done. “M.neeii pat aown. , . 

think^that Howard has u ^ d ^ essence, in an earlier Zueker- Here we have him creating a . Anthony CllrtlS 


Faraway people 


ON FIJI ISLANDS ~ T . con ^ umption - Snce the career in London. John Thur- 

. by Ronald Wright Viking. 'riians dropped men from the ston. who assisted him, has the 

£10 - 95 - 257 paees *SUS 

- ™ “CANOTBAI^- . myth? UEfi SSn&taS"^ ofMsToofl.ert^ratfl^ 

. . Westerners, but recent doubters Fiji has a colonial history which ^' t _ l ^ll : ese ^ led ^ po ? r ° cean 
appear to have forgotten Fiji, is the backbone to Wright’s SSSi? whose ° , f n borne we 
‘ Until the late 19th century, the book. I gained less of a sense S f/rnpmhPS 1 ^ , You , 
islanders really did eat people, of present-day Fiji not least nia ^ remember th. e islanders 
_ In 1867, the highlanders made because he did not speak its ^r° ugbt 

- - a meal of the Rev. Thomas language and was coS. 7s Sr? fSr P J£PL,“ UB *2 
• Barker, an active Methodist a travel-writer, to convey his J£?: e A JJY SLSJ.JZS5’ kIS 

missionary: they thought that own impressions through SJSJ. * * 

himian flesh, perhaps even English-speakers whom he met. rt < 2?lAfSP e Mf- te S in ? 

missionary flesh, was an They. too. have a story, but not b0< 7 

aphrodisiac. The victims were quite such a compelling one as £e savoured 4 L Sne ° Ur 
not boiled alive, but were the islands’ history which he » 53 d ^ ia carte * 

; roasted in ovens after death, narrates piecemeal. If travel- in lWO. Ocean Island was 
’ Roasting could be an insult or writers would only learn to s f^ a t0 P 6 made of invalu- 
-a mark of respect to a dead communicate with most of the able Phosphate. British ofli- 
; enemy. Soon afterwards, the People they describe, their ?, ials ' ” en governors, grabbed 

- preacher’s eaters were books would be even better. a PPalhng rapacity, 

’ conquered and brought to Then, indeed, we could justly S? 1 ** £ ubseque ? t “British 


f£r? 

& > 



Destiny in the sand 



OUR FATHER 

by Bernice Rubens. Hamish 

Hamilton £9.9 5. 212 p a ges 

PLATO"PARK 

by Carol Rumens. Chatto & 

Wind os £10.95. 212 pages 

MOVIE 

by Stan BarstoW. Michael 
Joseph £9.95. 175 pages 
BLACK HmRORS 
by Farooq Khalid. translated 


Arkady, and he comes from a trie jazz musician is. reunited 
familiar genre of slightly insuf-- With his adored and moire asser- ' 
ferable anti-heroes: whether his live cousin Arny. Their holiday '. 
creator approves of him is hard swiftly Acquires the aspect of- ' 
to telL’ At his best Arkady has . a nightmare, as Frank- finds his 
a certain irrepressible adoles- loyalties' ■ stretched ■“ id their-., 
cent charm, but he is also a farthest extent. The incidental; r 
cautious conformist, a member sexual encounters of both ■ 
ofthe Russian literary establish- young men are described with 
ment and unattractively short a particularly sharp cutting 
on moral fibre- He extends his edge: -'■> ' 

love affair with aJU l thkp Farooq Khalid’s -Black' 
English -to Elizabeth, the -won Pakistan’s 


by Farooq Khalid, translated English -to Elizabeth, the -won Pakistan’s 

from the Urdu by Eric Cyprian, daughter , of a visiting English hlSf hest literary prize— suggests 
.inn 3 than cm to » mT™... nignest inprary prize sugge&u 


Marina Tsvetayeva: courage and brilliance 

Woman poet who 
stopped waiting 


Jonathan Cape £10.95. 285 

pages 

NOT WAVING 
by Sarah Grazebrook. 
Hutchinson £9.95. 164 pages 


academic invited to a Moscow 
literary soiree. 


to me that there’s no such thing 
as the universality of : - Art. 


But extracts from Elizabeth’s centring on a group of guests 
diary on her return to London ijving in the Bara Dari bo4rd- 


conquered and brought to Then, indeed, we could justly subsequent “British had the ordinary woman’s 

Methodist Christianity. They speak of a new second life for for a groat hurn^ love 

l*Tm j. J xL _ ji. a _ nPm 3 frllln cm ri tn lin«vA flllf Ma nllVa TW r T A VK. V & : . J f* tt" r __ _ . .L . 


blamed the disasters of the their genre, 
following years on their When We 


ieir genre. here adjudged to have con- OF MARINA TSVETAYEVA married Sergei Efron when she Such encounters become a w a Western reader," the effdtjf iir 

When Westerners made con- tmued. We i destroyed the island, by Marne Feinstoin. was eighteen and already a regular feature of Veronica’s r powerful but bewildering, a 

ct with the island, thev im- offering £100 for each acre of Hutchinson. £15.95, -90 pages well-known poet He was a life. On her return home from d ® m a familiar fonn is rendered'^ 1 

phosphate worth £40.000 to us. seventeen year old orphan who the Sahara (“Veronica Smiles Psychiatnc hospital . • 

5 19^1- the Japanese added a TWF cncwRTNr which suffered from tuberculosis and was the kind of woman for However, Arkady is a »ur- 

bomb or two to the mess. When T vf‘_, her relationship to him was pre- whom the word ‘intrepidity* yvvor— -so much so. indeed, that c . n^-aviSie.' 

these imported “Fijians” voters endured dunxig and S^inantiy materoa” During was coined”) God turns up in he finds himself on a delegation 

the revolution he joined the Surbiton, leaves messages on o a Wntere F^ ? l 


Hutchinson £9.95. 164 pages reveal her to be unhappy and ing^houSe hotel. Blade Miifurs 

^ unbalanced, subject. to curious, a kaleidoscopic tanglp_ of ‘ 
_ _ historical hallucinations and mm-rfpv - hradneso • -And 

1 A ASPIRING AUTHORS wishing very far from the serene and mY steri’ous connections betiften ^ 
IU fe master th e art of the arrest- inaccessible ideal of Arkady's 

mg opening should take lessons imagination. I am not sure bow an^gr iSmmters 

from Bernice Rubens. Consider far Elizabeth is meant to be gRg JBS JBS IBg- 

g the first sentence of her latest a casualty of capitalism; the 

novel. Our Father: “Veronica casualties of socialism, on .the I^^aoDarentJy meaningless: 

^ ‘-e ran into God." fe — te^ ™ 


married Sergei Efron when she Such encounters become a i f 15 +? 1 ^ 


of our own Royal family. in a large workforce from India ^ mb 0r t* 0 to tbe “ess. When 

Ronald Wright remarks that and quickly felled the entire S|*“ im POrted “Fijians" rtp V ^ k PV T, . . rin n dommanuy maternal, inning was cornea uoa turns up in " ~ vSXZF NnV^Wavin^ which Jwon-Jhe 

“It i s we who say that roasting local stock of sandalwood trees. da n«d for our visiting Queen - le R u has alreadv been revolution he joined the Surbiton, leaves messages on CosmoDoiiS Prize for^Etera- 

dead people in an oven is sav! Modern Fijian politics are still 1977, the words of their song . H w t f, r( : ilph White army and she was sepa- her answering machine and ,s tbe . Perfect opportunity = fncm^ ways 

app hphmrinnr whon.. bp.spJ hv raHni toncinn tho had a bitter message. Ronald understood in the West through .. fftr fivp vpars I thpn nursiiR hpi> nn hniidav to io escape from an unsatisfactory ture and qualifies inmtVMB* 


SU ■ II ■ I IM1 , ■ 

familiar, co-opted by Mother 
culture. -'ll". 

FinaHy. Sarah Grazebrofik’s 


»*e behaviour, whereas 'roast- ■><*« * ndi tension, the letter message. Rooald jT»‘ rated W him for five years then pursues her en holiday, to “ 

iug live ones with napalm is direc ^ result of our import of re *°pens these scars and “J® ** during which she starved in b e spotted lurching drunkenlv . Mti JH 151 , b,s Thpr „ ___ i n ^-eatjMbs' 

not” Most of us. I trust would Indians, who are now about half {®^ b ® s neglected stain on , ** Moscow with her two young in a Moselle vineyard. Appar- p^ e i, fa 5 d d ^ am s. of ^plonng s e ,,„ a tn di a tomip ^od' 

reply that uanalm-bombiuB is ol the islands' total population- Br ' tlsh <>““>»■ 0r F .fe^f“S daughters, nne of whom died. eutly He disapproves of her an< * s “' n ® Elizabeth £ 

an ultimale savagery, even if -Ronald Wright is firm that the T ,^ et tbe Fijians and Ocean uI e ^! en M ai ^ . whirlwind romance with an im- more But here the novel Jl“ e 

some also think it ^ecessaiy^ colonial policy of land-owner- Islanders still remained touch- ^ a „ After the war she followed potent baronet— or so Veronica ? aUs iS[ “ Sf 1 !®-' 5“!?®°?* LoD ; £ ' 

m war. Ronald Wright is some- ship for Fijians only has been W to the -/good white ? f ™ D int0 la *^I she herself J 0 ?' N ot ^ a ^;f“ 


times a httie hastT but I do a dtoi^STng Queen” 'whose officii were so ^tted suicide in 1941 after had a son to whom she 

enjoy his developing style of particularly interesting on the heartless. Th; is blend of dissent years ofexiIe.poverti.huAger dedicated much of her later life, 

factual detail, and laconi? com- officials to whom ito «Sb is 30 d ulti ™te loyalty fits well. aDd gradually diminishing shp Ml in love several times 


■UUUUILU UJIUi one IIUUO JICTi dCJl . L - J J . v- — . , - ^ ■ ' 1 r '■ « 

re-examining the skeletons f bew,WBred Russian visitor, is " Written with Televisa oac Jfl 
which lurk in her family closet Jf* Tj 1 ? 8 " her Mos ' Mind” stamped all over.itc^ 1 

cow. and Arkady s encountere as a witty variation on -sgpsc 


Forster’s policeman friend 


THIS SMALL CLOUD: 

A PERSONAL MEMOIR 
By Harry Daley. 
Weidenfeld & Nicolson. 
£1235. 241 pages 

ON THE PIG’S BACK 
by Bill Naughtozu Oxford. 
£10.95, 188 pages 


less demanding lover. 


Duncan Grant and the like. For, there was alwavs her after three months for a 

Dale? ,0 W £ S £ Z ere fy USSJW or hi, dJStad Such tragedies suggest that leSS ^ 

intellectuals who. f or^ P theri S iaaphone recards - reading Tsvetayeva’s biography Tsvetayeva. despite being so 

part found a certain frisson An U1 , terest3n fi not at a might be a depressing expert- personally affected by the 

in hob-nobbine thanks to tok Suess altogether a faappy one. enc e. But this is not the case, politics of her time was not 

friendship? ^ bookiS. roster- ? or cv ? n amon g friends Hutchinson publish simul- politically motivated. Whether 

monaers. hoxers and ern«ino he mad e outside his life as taneously to tbe biography a moving in emigrfi circles in 


she was released alive, great poem cycles. “Poem of put); it is also about childhood leaves the most abiding impres- Ginny. the older waman, wtfc 

Tsvetayeva’s adored 15-yeanold the Mountain ’’ and “ Poem of trauma, guilt, and personal sion— her evocative question: and pivotal figure ih the novel, .'. 

sou did not mourn for his tbe End ’’ were inspired by her atonement But if Rubens is “ What is Russia? Why do I has a scatty and idiosyncratic 

mother whom he blamed for passion for Konstatin sympathetic and serious, she is feel there is more truth in its charm- as well as an eavtttffe ‘ 

their uafortunate situation but Rodzevitch. Ironically, he was also wickedly funny (“She ice-and-fire barbarousness than gift for one-Jiners. There -are 

enlisted in the Soviet army not the type to enjoy such regarded- men as peripheral. In all the seedy, shabby gardens also some beautifully accurate • 

where he was lulled two years strong emotion and repudiated rather as she regarded flowers of democracy? ’ renditions of the relentlessly 

later. he-r after three months lor a or haute couture. One of them Infinitely closer tD home is logical and sometimes hilarious 


ratner as sne regaroea nowers of democracy? renditions of tile relentlessly 

or haute couture. One of them Infinitely closer to home Is logical and sometimes hilarious 
was sitting opposite her now”), Stan Barstow’s B-Movie, Bar- conversation of very' young 
mistress of a bizarre, black, stow tells a good story, com- children. In all, I am.- inclined 


reading Tsvetoyeva's biography ne X 5 0 V n e a t &: eva ; ff d eX te W***? adu * bum <> ar wbicb P^te w h alftoc 

a A5 ESSA w*5 *L * Z novel au the allure Of fantasy. U one could wish for. The in her UT .ttSSSTSuR 


mongers, boxers and crossin-’ maae 0lIlsiae «« life as taneousiy xo me Diograpny a niuvmg m wiu ea m 

sweeoers etc “Soon almost a Policeman there was not collection of Tsvetayeva's Prague or Pans or even in 

erervane’ hart' their ooliceman “nhroken bliss; there were Selected Poems, translated by Russia, she. felt herself equally 

friend” Dalev reported jealousies, sulks, resentment, Elaine Feinstein (£6.95). These out of place: “In every group 


In the poet Garold Rummens’s grit in this instance comes off screens, 
first novel. Plato Park, her the beach in post-war -Blackpool, 
principal narrator is called where Frank, a dreamy, sensi- 


Kirsty Mflne 


~ iriend” Dalev reported jealousies, sulks, resentment, Elaine Feinstein (£6.95). These put of place: ’In every group 

HARRY DALEY was not the ’ * rows. Out of it all there comes rea d in conjunction with the I am an alien, and have been ■ _ | 4 

conventional idea of a police- In this snatch of auto- a memoir which only he could biography mitigate the effect of all my life.” In the 1930s Efron L 

man. He was a rather timid, biography, be does not tell us have written and which not only b*r unbappv life with the force was revealed to be a Soviet 

aesthetic, homosexual and very much about his smart chums; sociologists will find absorbing, and the brilliance of her poetry, agent and returned with their 

indiscreet. It was the last the book is concerned with his Bill Naughton from County After all, she lived every day daughter to Russia. Unpopular 

quality that alarmed E. M. boyhood in Lowestoft, where his Mayo and Bolton. Lancashire, is for and through her poetry. She and. unregarded as she was in iyor NOV ELLO 


Glamour man 


next 15 years. learning tech- „ 

nique as be went along, but in SSsS? 

that namnri h„ alcrn nl-nurf It. UimSeiS to 


Forster most. He was concerned father was a fisherman who one of the Irish who have wrote to her friend and sup- the West. Tsvetayeva decided to bv James Harding. rh a f nJrinri h P ikn nbvpH to to Bing. His ^voi^r - 

jest Daley’s excessively “camp” perished in a storm, with his settled in England. porter. Boris Pasternak, during follow him once again and thus \v. h. Allen. £13.95, 258 pages nn 11 of^ broke; rather late, at lftiind' 

hehpvtoll.r vrnillri loart to toam wiHnuwfl mnthar'c ctniaala trt 9 nai-fnri nf ,mfe InnaTinacc in pn tprpri thp niphfmarp rrpatpri _ * A 11 L U1WH WTUtHl «V«* -, M - to* 


behaviour would lead to them widowed mother’s struggle to Naugbton. as a child, was a period of acute loneliness in entered the nightmare created bv hirn^-Jf ftwo to 

being arrested. Nothing of the bring up a large family on loath to leave Mayo but his the country-side of Czechoslo- by Stalin and the war. Neverthe- rp SOUCICAULT was a ereat Son three pseudonymoiS^?s 
krnd happened although tiiere modest means and with his 25 mother told him England was “ I have no friends. Here [ess it was the failure of her if a n nf thT th«m« if Darid I?EstranS ^ 7 

must have been narrow shaves years as a policeman in London, a great place altogether; once they don’t like poetiy and what human relationships talker SlSdsonk^ E ‘ S * 

onoe or twice. He gives— for he knows how to they were there they would all am 1 apart from— not poetry, than her physical discomfort ^ %sreaimau ot me *»• ioshuk 

Daley’s fellow cops in the tell a story— a brisk and vivid be “on the pfg?bLck” but apart from which it is made? and danger which caused her to raamctf^ie^eSS b WtoE* in S? 

Hammersmith section house account of bis life as one who They found the English a an inhospitable hostess, a young hang herself. Z Sl„ SnS* fn JS5*: -J 1 * 1 ®* 1 


intimate friendship, with Eddie . 

Marsh led- to a more intimate - ' [L, 
friendship with Christopher •' (JH, 
Hassall. who wrote lyrics that - s ^Mn 
matched- the tunes. Though be l 

always gave himself a good-* -, jv. 
romantic part he did. not as&.- , 
himself to Bing. His ^oior :- JK S 

broke; rather late, at 
that was the end of his sixuuh^--'" ^ 
career. - \"'v 

This friendly. and^Vtwfl^ .: V" - ‘ 


onoe or twice. He gives — for he knows how to they were there they would all am I apart from — not poetry, than her physical discomfort yf* r™ -- T “ 

Daley’s feUow cops in the tell a story— a brisk and vivid be “on the pig’s back.” but apart from which it is made? and danger which caused her to ™a west mwi of the thearep 

Hammersmith section house account of his life as one who They found toe EngUsh a an inhospitable hostess, a young hang herself. w“lto MdSSTw 

U 1 ?i* doW 5 t Wl l at he wa i Watch !? £ ,rly 5e nev <>lently tolerant lot with a strong sense woman in old dresses *’ Elaine Feinstein approaches there with them and yet^e i? hf n S at toe S? 

espeaally when he arrived over toe thieves, the whores, of humour; and in England they , both the poetry and the bio- moXv remembered ^rather 

tiiere wth his chattering pals toe poncro, toe petty crooks and remained. Driving a^al lorry. ^ertoriess T^v etayeva s graphy with absolute sympathy SSdScendin^ ‘ p,ot ext€mDOre 

from the Bloomsbury set — other misfits of the metropolis. Naughton. aged 30 bv then was ’5 5°iir® I 1 ™?. °? e °( . a and understanding. The double r* wa - indeed i 

Forster, Raymond Morfenor, ^ , h . _ teriS V S! SST5 ’SX.WS.'lS! r«»d e r an SJTLSSTU 


Forster, Raymond Mortimer, 


J23-*EL22 Sf ^ e °' a storv. hF did so~ the~storv was space crea ' e ' ,*- ,Ke t raany unusual and’ exciting sensation 

SSSmS ^ 


™.9' s “ e °" e 01 u a and understanding. The double was indeed 

* or the experience gives the reader an *h a t seems ii 
space to create. Like many unusual and exciting sensation pictures of h 
women, in particular she was of coming very close indeed to navies and h 


A FINANCIAL TIMES SURVEY 

SHIPPING AND PORTS 

Thl* lurvey is due to bo 
published on 14 April 1987 
Contact' 

NIGEL SICKNELL 
on 01-248 8000 «xtn 3305 
or writ* to him av 
Bracken House. IQ Cannon St 
London EC4P 4BY 
The canton, size end ptibliutiM 
dates of Surveys in the Financial 
Timms era subject to change at 
the discretion of the Editor 


J2?w wl 55 An engaging narrative Which.! important because it" is more ril/^fn’Thin^Zm in the film L’Appel du sang in 

should have acted. He did not amone other thiim shnwc thp I _ , , q. . . demand nothing from it. Evrrj- 1920. but by that time he had 

^ ut ' strength of the Irish tradition „ ? e < ^ rt ° r ”? lhe ‘“”8 tlMlt from some 50 songs for 1 


thp required importance and 


Kv 011 You believe ftsmttbtf ‘ 

25E2SL , !?5tJ eil J w book thfac everyone loved'fiint l^o v 
(v^tv^ Ua ,^ e m ^®P~ I was lunching onedpy-wito MtjfrJX. *.v, 

it m HUton FhiUpson (Mabel, - 

» J an - d S ere tt e actress) and he came across; '3 % V 

re memorable tunes. ia. them the Ivy to talk tfcus, NatxWflf^J - V. 
Nnwiin' ha,) . . . ' vre talked a long time. andwhs^V- l % a- ; ^ 


on the whole, he did not suffer “re ft^itsTn nTri 

espMted JStJS ot *• “ 

of fellow-officers who guessed George 

his secret. It was not hard to do AfaL,*!-. Tl,,,*™ 
so. And, after the day’s work, MaiCOim inomson 


priest are humanly more impor- 
tant. all the others are socially 
more important.” 

Moreover, although' extra- 
ordinary in many ways, she 


Rachel BiUmgton 


t — -- — 


ffreat success ot worm war used to write down his melodv i-W TT” ‘ > 

t lines tnd send them tn iS cop -. torc run you, 

NoveBo made 22 films in the ton I»ticas to harmonise. His B. A» YfJHjfei N. 

. . . > ’ p.~. ’ ’ ■ j 


i 









Times Saturday March 7 1987 


ARTS 


WEEKEND FT XXI 


■'Cpliw 

; a>. 


: Last weekend I caugbt the 

-- twl jrer&rmanc^L M Brussels 
aF'a r^iai^ahle'new' French 
S?ay. " directed. ; by " ratrice 
' . Ch6rc»u, in an old covered mar- 
-v |iet the size of an aircraft 
V hangar in the- north wvst dis- 
trict of the city. Le s Hants de 
SebaerbeeK a naagnifeent relic 
ofcilSth century industrial, archi- 
• ggeture, is one of several vennea 
throughout Europe whose pro- 
■ parties of intimate vastness and 
atmospheric functional ism are 
ideally compatible with the 
time, scale and informality of 
Touch that, is "best la the con- 
jemporaryarts. . 

I Although some notable inno- 
vators do work in conventional 
Theatres— Peter Stein and. Pma 
- R a us c h, - -for instance— many 
1 “others, including Peter Brook, 
wVriane Mnouchkine, Ljubisa 
- JJIstic and Eugenio Barba, have 
|ong forsaken the proscenium 
W arch and “centres of excel- 
i;: Ounce ” and. occupied old and 
; minimally restored halls and 
• / warehouses. In London, .the 
; .-.nearest equivalent to Mrionch- 
- tine's Cartouchene nr Brussels’ 

( pLes Halles would be the Round 
i-.-House, now a mute and unpro- 
. :ductive .black arts centre, a 
. sleeping beneficiary of a fare- 
weH GLC spending spree. 

Les Halles has already played 
. . host to Brook's libu Pot {which 
• visited our ATmei da Theatre in 
- Islington), Mnouchkine's 30- 
j hoar Sianhouk and Cambodia 


Michael Coveney visits a new French play in Brussels’ 1 Les Halles: 

Gripped slowly in a vice 



Scene from “Dans la solitude des champs de coton 


The programme includes rock 
concerts, video festivals, high- 
wire circuses and a whole host 
of activities involving, and 


*t2fp 

-cpnihf - 


and, last weak, the latest seeking to involve, the Iqcjil 
fruit of °* Paris’s -few children as well as Schaerbeek’s 
notable collaborations between Turkish and Moroccan Lmmi- 
, “a great director, and a contem- grant constituency. The covered 
- porary writer- market was built in 1865. was 

‘.. Ironically, the play, Dans la destroyed by a fire in 1898 and 
solitude dcs. champs de colon. immediately re-built according 
Koltfcs, was to the original blue-prints. 

Stall-holders arrived from 

outlying districts by tram 


-„ L „by Bernard-Marie ramus, was 
commissioned by the Almeida's 
./.artistic director, Pierre Audi 
//he intends to . present it in 
• London later this year. But he 
.:' % will be denied the eerily monu- 
mental “ sen surround " quality 
of a black foggy nigbt on the 
- : edge of an asphalt jungle 
-'■achieved by ChUreau and his 
design team of Richard Pedum 
(dfleor), Daniel Dclannoy (light- 
ing) - and- Philippe Cachia 
(sound). 

I have no doubt that the for- 


1972, when -Toe Dekmine. a 
dynamic avant-garde producer 
in the ebullient style of Edin- 
burgh's Richard Demarco, made 
practical proposals and gained 
support for them in the local 
commune. 

Political wrangling and vacil- 
lation mark the next 10 years, 
during which Les Halles became 
a non-profit organisation and 
therefore eligible for subsidy 
from the Ministry of Culture. 
Finally in 1983 Les Halles 


bearing vegetables, cheeses and became the property of this 


meats. What is now a small 
adjoining performance space 
was once the fish hall. The 
main interior has a gallery all 
round supported on elegant 
pillars and the roof soars up to 
a stecl-girdcrcd vault and a 
splendidly unfussy arrangement 
of windows and wrougbt-iron. 
After failing into disrepair in 
the 1920s, the building was 


French-speaking Ministry and 
the restoration work began. So 
far £1.2m has been spent, and 
the administration, while grap- 
pling with a rapid turnover of 
personnel at the ministry, says 
a further £l.7m is needed to 
complete the work and various 
technical installations. 

It is a story of luck, persis- 


tion cost £217,000 to bring from 
Paris for one week, with an 
estimated maximum box office 
income of £17,000. So who paid 
for it? The national opera and 
theatre companies, that's who. 
The opera's annual budget is 
£17m and while this is. compara- 
tively, a far more generous 
public endowment than any 
that Britain's great companies 
receive, we at least see in the 
venture a healthy collaboration 
between establishment and alter- 
native houses unknown in 
Britain. 2i is as if the National 
Theatre were to under-write 
the visit of Robert Wilson's 
Hamlet Machine to either River- 
side or the Round House. Which, 
in a more ideal world, of course, 
they should do. 

This background of cultural 
deals and trafficking, as well as 
the looming greyness of Los 
Halles, was ideal for the Holies 


to in the test as “ Le Dealer,” 
the other a punk hobo dubbed 
“Le Client.’* They are outside 
the city in a shadowy environ- 
ment of warehouses and cranes. 
“What I desire, you certainly 
won’t have" spits the client. 
But the commerce they seek is 
never defined: drugs, sex, the 
meaning of life? The actors 
tense and bridle, circle each 
other, slide a cigarette lichter 
across the floor during a break 
in hostilities. 

What might have been pre- 
tentious waffle is. thanks to 
Chorea u‘s directing and the 
electrifying acting of Isaach de 
Bankoie ithe dealer) and 
Laurent Malet. an occasion that 
grips you slowly but surely, like 
a vice. 

Les Halles is a flexible space, 
and the contestants faced each 
other with the audience banked 
up. like the parted Rod Sea. on 


___ . tence and dedication by all . _ r .... 

mer life of a place such as Les nearly shut down in 1921 but concerned. Les Halfcs' adminis- play. It is a philosophical tango cither side. In his programme 

Halles invades and informs survived as a car park. The tration operates on a budget of for two players, one of them a note Chdrean invokes the boxing 

whatever is done there today, renovations today date from £310,000. The Cbereau produc- black hluestnan simply referred match and Brecht's In the 


Jungle of Ihc Cities. The re- 
verberations are even greater 
than that In Koft&s* ornate, de- 
liberate and lucid prose we bear 
the echo of Diderot’s 18th cen- 
tury dialogues, particularly that 
between Diderot and Rameau's 
nephew in the gardens of the 
Palais-Royal in the late after- 
noon. 

While much of Diderot's Le 
nereu de Rameau is satirical 
and now obscure, it does offer 
the best example of how life 
style and moral values can take 
on theatrical life in a dramatic 
situation. The Brecht play, too, 
has had a modern successor in 
Sam Shepard’s Tooth of Crime 
where a fading rock star is 
threatened by the new arrival 
in an electric guitar shoot-out 
among the chart-toppers. The 
shabby, edge of urban exist- 
ence demeanour of both Koltes’ 
characters inevitably resurrects 
the phantoms of Beckett’s 
futile but competitive tramps. 

So this is much more than a 
dense philosophical 90-minute 
two-bander. Its potency of 
dramatic currency, its re- 
animation of a familiar theatri- 
cal form in a contemporary 
ambience, is as exciting as the 
overall mood of an urban 
melancholy jangle is affecting. 
A strange symbiosis develops 
between the opponents. Their 
respective stances of approach 
and resistance— de Bankole 
almost “magics” bis victim 
from the deep, matadoriskly 
deceiving him with a tattered 
overcoat — are challenged by 
notions of friendship and 
treachery. loyalty and love. 
Malet’s client, a scowling blond 
hooligan in high-heeled boots 
and zipped, tartan leggings, 
asks for more time, for the 
dealer to go with him. He 
clinches the Beckettian argu- 
ment with “ Cherchons du 
raonde. car la solitude nous 
fatigue.” the cry of a fa (ally- 
wounded street "urchin. 

I hope we do see this play 
soon in London. But I would 
exchange any amount of such 
pleasures for the assurance that 
wc may yet see a marriage of 
visionary fervour and financial 
commitment, as exampled \x 
Les Halles, invested in a large 
informal space such as the em- 
battled Riverside or the virtu- 
ally defunct Round House. 




Where there’s 



• ' • 


H:A, pointed out, with digs at 
both Sir Peter and Tony Banks, 
when Sir Peter eventually got 
round to putting out the clean- 
ing of the National to private 
contractors the money saved. 
£2fin,000, was substantial enough 
to iund a provincial theatre for 
a year. Sir Peter’s rousing 
speech to the Conference, attack- 
ing politicians of right and left, 
lifted the tempo appreciably, but 


-THIS WEEK cultural linnin- for major Arts Council' clients, 

"Varies from Varotmd the world a planning aid hut of no great ^ ... - 

gathered hi London .for a two- impact if the money guaranteed frflow mis tillerTto 55H2 
Jay seminar organised by the does not increase appreciably- ^ 

- Arts Council, to . debate p The and there is no sign that it will. Sler^r^tetre ^Dremo 
Aits^— -Politics, _ _Power andthe .. For dnee. money did- not seem J “XJ 

.-. Purse;*' Like- most such to be the main ' issue-rather' a W** m 
gatherings' it came -to no defi- it was structures and politics. ^ 

• " nite conclusions. Entrenched Is it possible for politicians 

opinions Vere . fired at com-, to manufacture the means of an 
milted theories, across a arts revival without controlling 

• square. - "• the ends? To say ** what the 


If the Government neveT 
managed to square the contribn- 
tions of the overseas speakers 
with the obsession of British 


The Arts Countii invested . Hell, go ahead with the Jugate their own par- 
•—£25 000 in the exercise, perhaps- Pompidou Centre, or a new i3CU J^ backyards, at least a 

70 theatre for London, and wealth of data, emerged. Arts 


'■ :DoSical strings? The expert- teresting to hear that American 


as the wonder of the: world 
-.better than the Ministry of 
■./‘‘Culture favoured by l&e 
French, a relic of a centralised 
monarchy^ better than the 
J}’ hands off" approach of the 


political strings." The experi- 
ence in Canada, at least, sug- 
gests that .if the Government 
gets directly involved It wants 
to make all the decisions. 

• Few politicians, in particular 
Conservative MPs. bothered to 


arts organisations only receive 
5 per cent of their income from 
business, and that the Paris 
Open gets £27m a year in sub- 
sidy, double the grant to 
Covent Garden. The French 


"V^If the Council had such fan- turn up. Some Labour MPs did, ^ mom5^£g h to 

: tasies it was disappointed.' True and the divide between the y &oms t0 

‘ I: lhe French spokesman, M. right of that party, represented 

Girard saw virtues in the arm’s by Mark Fisher, the shadow -After these 1 
V" length' British approach, but Arts Minister, and the left, 

" vthe over-riding impression gene- represented by Tony Banks, was 
'rated by the conference was that marked. Mr Fisher praised the 
'• cianifir-ant breakthroughs in the export achievements of arts 

* arts spring romthe exercise of related Industries like records Urgesinty in West Germany, 
arts spring * . ^ —/j publishing.. Mr Banks gets £2 1.3 m a year for 


After these two days no one 
can doubt that the arts in the 
UK are starved of funds com- 
pared with their continental 
rivals — Stuttgart, not the 


its 


"current 5 Minirter related his deeply held view iheatre/opera house, and Frank- 
that the arts can never be flirt over £20m. Perhaps if the 
tor ure ans, w ... .. ->= -» «= — ^ money is forthcoming the struc- 

tures look after themselves. 


or the" Prime Minister herself, divorced from politics, and that 
are prepared to emulate the the arms length principle is 
; , errand gesture of M. Jack Lang dead. _ 

,T n doubling state expenditure He related how, when rtiair- 
, 011 ^ arts when he beeame man or the GLC arts co mmi ttee, 
■’ . Miniver of Culture in France he threatened to cut back the 
- in 1981 grant for the National Theatre 

“in fact the current weakness if Sir Peter Hall went ahead and 

- -of the political will in the UK dismissed some cleaners. When 
■ "in the arts was emphasised as Sir Peter said this was political 

- «mntrv after country— France, blackmail which would unme- 
Ttaly^SpaS-reported substan- diately affect the Nationals 

- rial rises in state expenditure in creative output, Tony Banks 
recent yeansT and consequent replied: p “We'll increase your 
imurovements in employment in grant if you keep on the 

' -STISE in revenue, and in cleaners.”. A rtice compromise 
national well-being. All Mr Luce if money is freely available. W 
Srt offtf was a promise of course, in time, reality asserted 
three-year funding guarantees itself. As Bill McAllister, of the 


Antony Thomcroft 


“ Trousers for the 
West End 

Theatr Clwyd's production of 
When Did You Last See Your 
Trousers ? at present on tour, 
is to transfer to the Garrick 
Theatre from April 13 for an 
unlimited season. 

The cast includes William 
Gaunt, . Susie Blake and 
Michael Sharvell-Martin. 


Magical Brighton 


BRIGHTON'S arts are boom- 
ing. That was the message 
given this week when the 
southern seaside town unveiled 
ambitious plans for Its 21st 
international festival. Against 
prevailing trends of austerity 
in the arts, the Labour-con- 
trolled Brighton Borough Coun- 
cil has raised its grant to the 
three-week festival to £152.000 
—up 200 per cent on last year's 
figure. 

The council has beefed up its 
subsidy in recognition of the 
income brought to the town by 
the festival, estimated at more 
than £3.5m last year. This con- 
trasts with the attitude of the 
Labour-controlled Edinburgh 
Council which. 1 wary - of 
"elitism," has had a frosty re- 
lationship with its own. arts 
festival. 

Brighton Festival’s success, 
under artistic director Gavin 
Henderson, is also due to its 
efforts in attracting business 
sponsorship: £200,000 was 

raised last year and this sum is 
certain to be exceeded this 
year. Even Edinburgh, with 
more kudos and twice the 
number of events, only bettered 
Brighton's business sponsorship 
last year by £50,000. 

American Express is sponsor- 
ing the premiere of a dew 
Simon Gray play. Melon, to star 
Alan Bates as a man on the 
brink of breakdown. Other 
major sponsors include TSB 
Trustcard, Network South East 
and Brent Walker Brighton 
Marina Village. 

The theme of this year’s 
festival, which opens on May I, 
is Myth, Magic and Legend. 
There is a strong Nordic 
element with concerts bv 



Radio 


Alan Bates 


Clark. Sibelius performed by 
the violinist Anne-Sophie 
Mutter. jazz piano from 
Abdullah Ibrahim (formerly 


literary events including talks 
by D. M. Thomas, Brian Aldiss 
and David Benedictus and 
poetry readings by. James 


Swedish and Finnish orches- known as Doll ar-B rand), and the Berry and Grace" Nichols, 
tras, performances of Don 
Giovanni and Idoraeneo by thet 
Swedish Drottningholm Opera 
and dance from Jorma Uotinen 
and Passage Nord. 

Other highlights of more 
than 300 events include a 
premiere of a reworked musical 
by avant-garde dancer Michael 


English Song Award competi- 
tion. Sarah-Jane Morris, who 
with the Communards recently 
reached the top of pop charts, 
will be performing with New 
Sussex Opera in a premiere of 
The Sleep, based on the myth 
of Orpheus and Eurydice. 

There is also a series of 


More than 1.000 local people 
will be involved in the Town 
Plays, with more than 20 
revues and sketches per- 
formed. like Mystery Plays, 
throughout the Old Town. 

Annalena McAfee 


Littlecote’s 

Prospect 


out- 


house. . 

It is now in the hands of the 
London dealers, Colnaghi, who, 
with other purchasers immedi- 
ately to hand, have agreed to 
hold the painting for a short 
while to allow a public sub- 
be raised. The 


. TO THE disinterested — scription to be raised, xne 
} sider. the continuing story special asking price is £240.000. 
: - Littlecote House— its sale, me of which £200.000 must be coxn- 
... subsequent dispersal or J mitted by the end of March 
contents and t ? en ' ® d with, the balance to follow by 

once, attempts to the end of ApriL 

replace the more unportan A natjonal Appeal has been 

Items— is a puzzle. - launched hr The Friends of 

. The unique oo^ection t Littlecote House in association 
Civil War arms andmnnmw h s ^ ^ Wiltshire county Conn- 


ing. 1 1 rru.Y“; ' 

House by piare "at’ Littlecote for as long 

the early l8 * 9 to hiini where as the public has access to it. 

until two years ago h^gwnere ^ de Savatr. who bought 

it had hung for nearly aw Littlecote and sold the painting 
- great ball of tne first placCt ^ g,^ the 


years, in the 


Royal Variety show 
for children 


fund £20.000 and the National 
Art Collections Fund has put up 
a further £25,000. 

Time is very short and there 

is perhaps a fine opportunity 

children's Royal here r or *3 enlightened sponsor 
T !\ e 5 performance in the t come forward to guarantee 
Variety Margaret t £ appeal m the short term 

presence oQ Sunday. final achievement. 

Iff Mure transmit «■“£. ffleant ime, the address 
of the Appeal is: c/o 


The 

Manager. LJoyds Bank. 125H^h 
St Marlborough. Wiltshire 

SN8 1LU. 

William Packer 


March— 

s*on on 


T-n 1 N-B6. _ 

"^3K-Q4; 2 Q*K»' 
Q-R6. 


Chess Nft- 662 .. 

lT«S ***■" i 

n-K5. or K-® 3 ’ z 


Video 


A bumper British crop 


DOUBTERS. DOUBT no more: 
the video age is here to stay. 
Consumer spending on pre-re- 
corded cassettes last year in 
this country was up 42 per cent 
on 1985. figures, bringing in 
£425m of revenue to video dis- 
tribution companies. 

In celebration of these bum- 
per figures, March is the month 
when the video releases seem 
to have gone all British. Lead- 
ing the pack are A Room With 
A View (Embassy) and Mona 
Lisa (Cannon) our current 
Oscar contenders. 

The witty, elegaic Forster 


end of British cinema. One is 
the sad, mad tale of Sid Vicious 
and his girlfriend as they raved 
and hellraised their way to an 
early death. Maundering script, 
but high-voltage performances. 

The second film is an attempt 
to pinpoint man’s place on the 
evolutionary ladder with a story 
involving swans, car crashes, 
identical twins and Venus De 
Milo. Bring your allegory- 
decoder for full enjoyment 

Connoisseurs of British 
weirdness cannot bypass Julien 
Temple’s Running Out Of Luck 
(CBS/Fox). This resembles a 


tween a Martini and a ber- 
serk travalogue. 

It makes you hark back fondly 
to the days when British cinema, 
rather than letting it all hang 
out, kept it determinedly 
buttoned in. This month's 
build-a-library suggestions offer 
eight succulent classics of 
Great British Cinema, stiff 
upper lip division. All the 
titles are available on bargain 
labels (for around £10) and all 
are . un -vandalised by the 
colourisers. 

Brief Encounter: classic Brit 


The 39 Steps: Hitchcock, Buchan 
and splendid chases from Mile 
End to John O'Groats. 

Reach: For The Sky: still 
heart-stirring, as legless airman 
Kenneth More does what a 
chap's gotta do in WW3. 
Raffles: not the Singapore hotel 
but the gentleman burglar, 
spiffingly played by David 
Niven. The Way Ahead: Carol 
Reed in North Africa, marshall- 
ing the fight against the Huns. 

Among non-British movies the 
charmer of the month is Emil 
Kusturica's Father Is Away On 
Business (Cannon), the funny. 


The winy, elegaic Forster pop video that has escaped from romance, with Celia Johnson f 115 ™" 5 ® u-anuon i, me 
film is nominated for eight of captivity and grown into a fea- and Trevor Howard being fright- touc .£ Yugoslavian fable of 
the gold statuettes to be distri- fii mi fullv brave over cups of tea. ffrowing-up which won the 

buted on March 30, including j ag g e r hurls himself Carre Her Name With Pride: ^nnes Golden Palm in 1985. 

Best Film, and Bob Hoskins around the compass points of Virginia McKenna as British Challenge of the month is 
hoodlum-with-a-heart : in Memo ^ improbable plot-he plays a agent showing le orai grit in ?«ond Sew (Guild) with 
Lisa has been shortlisted for 5^*1 castaway who runs the Occupied France. Vanessa Redgrave as the sex- 

Best Actor. If either wins, you gamut of prisons, casinos. Deep , change hero(ine) in an Ameri- 
can celebrate immediately by s out h plantations and goodness The Malta st01 7 : can TV drama, irreverently 

baring your own pushbutton knows where else— and his girl- Guinness and Jack Hawkins nicknamed by some 'Hormone 

showing. friend Jerry Hall trails after stiffening the sinews, as Little The Range.” Moderate script, 

Alex Cox’s Sid and Nancy him. The soundtrack thunders England defends a little island, but powerhouse acting from 

(Embassy) and Peter Greena- to songs from Jagger's “She’s Pimpernel Smith: Leslie Miss Rl 

way’s A Zed And Two Noughts The Boss” album, and the Howard cutting an incomparable t^j- 1 

(Palace) represent the weirder visuals resemble a cross be- dash as a spy for all seasons. lNigei Andrews 


A feast for 
St David 


All seven plays on Radio 4 this 
week have come under the head- 
ing of “Welsh Drama.” and they 
have all but one been directed 
by the same director. Adrian 
Mourby. This was by way of 
tribute to St David, whose feast 
we celebrated last Sunday. I was 
not able to hear all seven, but 
one thing was clear from what 
I heard and from what I read 
in the Radio Times, that BBC 
Wales can offer a variety of 
product, not all of it concerned 
with Welsh affairs. 

The most Welsh of the plays 
I heard was Echo of the Dragon 
by Rob Gittins, on Sunday. The 
defeat of King Richard at Bos- 
worth comes into it. but the 
theme is the disloyalty to the 
Welsh of Henry Tudor (Henry 
VII), who had been welcomed 
as the champion sung by the 
Bards in their Song of Arthur. 
“How can a Welshman play St 
George?” he asks mockingly. 
But there is a true claimant to 
ihe throne in the shape of Lord 
Rhys (not in any of my refer- 
ence books). He will not break 
his oath to Richard, even after 
Bosworth. so he will not become 
involved in “ihe Cornish rebel- 
lion.” Perkin Warbeck's perhaps. 
Indeed, he will do nothing but 
retire to the friary where 
Richard's body had been taken. 
Mr Gittins. rightly no inuhr. 
cares nothing for English 
legends: Richard is a great 
horse soldier, whereas Henry 
VII is “weak and twisted.” Th-f 
word “sabotage” should have 
been avoided. I thought ihis 
play entertaining without being 
important . 

On Saturday wp had Cucknn, 
the play Emlyn Williams wrote 
30 years agD. but which never 
got a production until last year 
at Guildford. It isn’t much of a 
play. It is set in a Thames-side 
cottage called Kosikot. where 
lives a family of eccentrics. . 


is treated as a prop rather than 
as a character, for she never 
influences the plot other than 
as a focus for the kindness and 
generosity of the others. We 
had a good company, with Judy 
Cornwell as Cuckoo. Margaret 
Courtney as Madam, Petra 
Markham as Lydia. The director 
was Enyd Williams, who 
couldn't do much with it. 

The Monday Play was an ad- 
aptation by Charles Way- of 
Bruce Chatwin's novel On the 
Black Hill, and it had the fault 
of so many adaptations of 
novels, trying to get too much 
in. The story of the twins Lewis 
and Benjamin Jones (Robert 
Blythe and loan Meredith) ten- 
ants of a farm on the border 
between Wales and Worcester- 
shire. covers their lives from 
childhood to senility. A lot hap- 
pens beside the main story of 
their problems with the farm, 
and there is an exciting scene in 
which this is sold by auction to 
a neighbour and retrieved by 
lawyers. If the fortunes of the 
farm had been more closely 
concentrated on, and the orna- 
mental features that make the 
novel such a good read had 
been soft-pedalled, the play 
would have come nut better. 
Recorded on Incation in the 
Black Mountains, it sounded 
pretty- good. 

On Tuesday morning we had 
a Welsh half-hour piece. Batls. 
by William Ingram (who also 
played the pub landlord). Age- 
ing arid arrogant. Arthur Pros- 
ser (Glyn Houston) revisits his 
boyhood valley and discovers 
the complications that have 
arisen since his last time there. 
Decent light entertainment, 
about right for 31.30 am. 

Ivor Cutler is the most 
private of comics. If he believes 
that what he docs is funny, lie 
is hardly concerned with being 
compared- with the Ronnie 
Corbett-Les Dawson brand «r 
joke-teller. Bat Blues fR3. 
Thursday) bpgan with Mr Cutler 


Madam . used to be a great, giving a simple lesson - in blurs 


singer, and continues tn behave, 
as if she had just come away 
from a Paris cabaret. Powell 
lost both his legs in the war, 
Lydia marries a young man 
wbo “works in an office” as 
the managing director, revealed 
once the wedding is agreed. 
Cuckoo, who was dropped on 
her head as a baby, is mentally 
eight years old. though 
physically in middle life. She 


piano playing tn a' woman pupil, 
while he crunches -at- the. bats 
that he lives on. Eventually 
the bats carry him off. Then 
they come back and carry off 
the announcer of the pro- 
gramme. We end with a long, 
simple example of his jazz 
piano. I don’t know why it's 
funny, but to me it is. 


B, A. Young 



ST.JAMES’S 


8 Eng Street, London SWLTfcl: 01-839 9060 
Monday 9 and Tuesday 10 March at II am. and 2.30 pjn. each day 
HNE JAPANESE WORKS OF ART 
Wednesday II March, at 11a.m. 

JEWELLERY 

Wednesday 11 March a t II aj q. 

CLOCKS AND WATCHES 
Friday 13 March a t Ha m. 

OLD MASTER PICTURES 


CHRISTIE'S EVENING CONCERT 
Thursday 19 March at 6.45 pjn. 

BRANDIS QUARTET 
String Quartets by Schumann and Brahms 
The Recital Is to he followed by a reception. 

Tickets £750 each. Enquiries ro Jonathan Price or Patricia Knights 

Christie's South Keusiugtonis open for viewing on Mondays 
until 7 pan. for further information on the 13 sales this 
week, please telephone 01-5SI 76 II 

Christie's have 25 local offices in the UJC 
If you would like to know the name of your nearest representative* 
please telephone 01-588 4424. 


FISCHER FINE ART 
UUANE UJN 
Imagine the Goddess 
5 March-3 April 
30 King Street. St James's 
London SW1 
Tel: 01-839 3342 
Mon-Fri 10-5.30. pm . 


ALLANS — HAND EMBROIDERED SILK 
PICTURES. New not only In Chinese 
traditional but In commissioned designs 
Inspired bv the Impressionist in Cross- 
stitch technique — Do call and see them 
and tlw incredible double-sided band 
embroidered pictures each on Its own 
hand carved cherry wood free standing 
frame. Lower Ground Floor of Allans 
Famous Silk Shop. 56-SB Duke SirecL 
Grosvcnor Snuirc. London W1M 6HS, 
9-5 Mon.-Fn.: 9-2 Sat. 


ZAMANA GALLERY 

T Cromwell Gardens, SW7 
01-584 6612 

FESTIVAL OF COLOUR 

Paintings by Young Artists 
from the Islamic World 
Until 26. April 

Tues-Sac 10-5.30 - Sun 12-5.30 


MARLBOROUGH. 6 Albemarle Sc.. Wl. 
VICTOR NEWSOME. Paintings & Draw- 
ings. 4-2B March. Mon.-Fri. 10-5.30: 
Sals. 10-12.30. 01-629 5161. 
PARKER GALLERY. 12a-12b Berkeley 
Street. London W1X SAD (opposite 
Mayiair Hotel). 01-499 5906. 

KING STREET GALLERIES. 17 King St . 
St. James's. SW1. 930 9392. SUII 
Life and Flower Paintings by EDNA 
Tel: 082 57* 269 Or Ol-BZI B2II. 


Legal Notices 


No. 00461 of 1987 
IN THE HIGH COURT OF JUSTICE 
CHANCERY DIVISION 
IN THE MATTER OF 
THE PRUDENTIAL ASSURANCE 
COMPANY LIMITED 
AND IN THE MATTER OF 
THE COMPANIES ACT 1985 


NOTICE IS HEREBY GIVEN that e 
Petition wn on the 6th February 1987 
presented to Her Majesty's High Court 
ol Justice lor the confirmation of the 
cancellation of the sum standing to 
the credit of the Share Premium Account 
of the above-named Company as at 
the 19th December 1388. 

AND NOTICE IS FURTHER .GIVEN 
thet the said Petition is directed to 
be heard before the Honourable Mr. 
Justice Vinelott at the Royal Courts 
of Justice, Strand. London WC2A 2LL. 
on Monday the 16th March 1387. 

Any Creditor or Shareholder ol the 
said Company desiring to oppose the 
making of an Order for the confirmation 
of ihe said cancellation of Share 
Premium Account chould aooaar at the 
time of hearing in person or by Counsel 
for that purpose. A copy oi ihe said 
Petition will be furnished in any such 
person requiring mat same by the 
undermentioned D. F. Rooer on pay- 
ment of the regulated charge I or the 
same. 

Oarerf this 7ih day oi March 1967. 
0. F. ROPER. 

142 Holborn Bars, 

London EC1N 2NH. 

Soi>' nor for ihc above-named 
Company. ( 


No. 00462 ol 1337 
114 THE HIGH COURT OF JUSTICE 
CHANCERT DIVISION - 
IN THE MATTER OF 
PRUDENTIAL CORPORATION 
PUBLIC LIMITS} COMPANY 
AND iN THE MATTER OF 
THE COMPANIES ACT 1985 


NOTICE IS. HEREBY GIVEN that a 
Petition was on the 6th February 1387 
presented to Her Majesty's High Court 
of Justice for the confirmation oi the 
cancellation of the sum standing to 
the credit of the Share Premium Account 
of the above-named Company as at 
the 18th December 1986. 

AND NOTICE IS FURTHER GIVEN 
that the said Petition is directed it, 
“be RBti rtf- before me— Tfofibbrablc Mr. 
Justice Vinelott at the Royal Courts 
ol Justice. Strand. London WC2A 3LL. 
on Monday, the ISib-Ma/ch 1987. 

Any Creditor or Shareholder of the 
»aid_ Company desiring to oppose the 
making of an Order for the confirmation 
of ihe said cancellation ol Share 
Premium Account should appear as the 
time ol hearing in petson or bv Counsel 
for that purpose. A copy ol the sa.d 
Petition will be furnished to any suvh 
person requiting that same by ihe 

undermentioned 0. F. Roper on pa/- 

ment of the regulated charge lor 'he 
same. 

Doted this 7ih day of March 1987 
D F ROPER. 

142 Hoiborn Bats. 

London EC1N 2NH, 

• Solicitor tor the above-named 
Uompany'. . ^ 

\ 



-~dC 








i r 


fog. afai'tUti »~fc« iLa-ai- , ~a +C * w aLj.^ i^. Hrf'c/ •., . ^ ^ 



XXn WEEKEND FT 


I f 


•i f 


Financial' Tuaes Saturday JSarch . ,7- 1987 




•SPORT* 


Whiff of player power from Florida swaiiiM 

T«L_ T* a a , r* t r '. . « . 



John Barrett reports from Key Biscayne on t he 
International Players' Tennis Championships 


FOR THE. past 4.000 years Key the game's Establishment 
Biscayne has been the last thought it expedient to bow to 
barrier island along the United player power rather than to 
States' Atlantic coast. Out of risk their withdrawal from the 
the mangrove swamps along its two controlling bodies, 
sandy shores, just seven miles 
from the city of Miami, has 


$2 . 2 m. The corresponding 
figures for 1987 are $26.1m and 
$15m, and these figures do not 
include rewards from special 
events exhibitions or the Davis 


risen in nine short months thp 
International Tennis Centre of 
Key Biscayne — the final home, 
after two false starts, of the 
51.8m Lipton International 
Flayers' Championships. 

This two-week tournament, 
the fifth of such duration along- 
side the four Grand Slam events 


By conceding two precious and Federation Cups 

"“S'" " h alre »^S r ° wde 2 Th * executive director of 
calendar, the MI PTC and th® apt RamiiMn 

Wira angered organisers of 

existing events, _ though they White House under President 
did gam concessions from the carter, will discover that the 
ffiTff JL militantsamong the players .« 

not satisfied with that sort of 


tion in the two world-wide cir- 
cuits — the Grand Prix for men. 
nnw sponsored by Nabisco, and 
thp World Series for women, 


of Wimbledon and the Ausirn- which Is supported by Philip 
lian. French and US Opens, Morris through its Virginia 
perfectly reflects the growing Slims cigarette brand, 
influence exerted by the players That was the theory, at least, 
in the control of the modern Many helieve that the scale of 
Same. the players' commitment — 14 

For a start, the champion- tournaments for the men and 
ships are owned jointly by the 11 (not including the Grand 


progress. Behind the scenes 
there have been strong demands 
for a share in the growing TV 
revenues of the four grand slam 
championships towards a pen- 
sion fund. 


two players’ associations — the 
men's ATP and the women's 
WITA — and managed by the 
former executive director of 


It appears that the solution 
will be to levy a general con- 
tribution from all grand prix 
tournaments in 1988 from the 
greatly increased levels of 
player compensation that tour- 
naments are being asked to find 
—up from a minimum of 


Siam events) for the women — 
was hare justification for the 
rapidly increasing levels of 

- — prizemoney that has made , , 

ATP, Butch Buchholz, and his millionaires oF 51 men and 17 this year to $500,000 

brother Cliff. It was Butch women since open tennis arrived nex * at Super Series events, 
who secured the necessary sane- in 1968. Being a politician, _ 

tion from the two uneasy tennis In 1976 the Grand Prix will recognise that the 
coun cils — the MTPTC ----- 
WIPTC — in 1985. At 



plans for developing this sate. . fore had the resources to b«* 
-if. fulfilled, will produce yet the / scheme:. following.: a sixs - 
another major hew. tennis corn- i.cessful publlc hearlnglasr July, 
plex to .rival those I have re- the. .county - committed -$2m. rto ; 
ported on 'recently fromAustra-.' prepare the site and. build Se 
lia, Tokyo, Seoul and Califorma. courts. ^ In r the- event, : a 'further 
Butch- Bachboiz has! had no Sim was required to complete 
easy- ride. .When the 1985-.- site' the- conversion at 30 acres of 
at Delray Beach went-hankrupt the 60-acre site from a swampy' 
and the- 1986 experiment at . the rubbish dump into ®e toeau : ’ 
Boca West resort was obviously tifully landscaped safe .of a 
overwhelming the local ’com- major tournament V J V-:-. ' 

P??** Happily, .-the piayen haw 

help of Merrett Strerheim, the supported the event: wholes 
former-county manager of Dade heartedly. with ' 17 of : the toi& 
County-m southern Etonda, who 2 0 men and 19 of fftewbmeih 
ecutive director of entering. .-The highlights bir 


court have been the heroic per- J- 


Together they looked at pos- formance of - Mats WQander in 


sible sites for a major tennis 
complex and, for sound business 
reasons, settled on ' Key. 
Biseayne. ' Buchholz realised 
that corporate involvement was 
essential for the tournament to 


defeat and the victory of Steffi 
Graf over world champiern 
Martina- Navratilova, 


: I believe, Steffi Gtafs 6—^3 
6—2 whir £h 57 minutes;agaiast~ 


Steffi Graf of West Germany, who this week beat Martina Navratilova 


year corrtrartbeSv^ APT and dirertm^and Meanwhile, the Upton tourna- nth largest city in population! 

the MIPTC. due to begin next SliI ffihETE 2"*"“ *> develop 


succeed, both' as .subsidiary MiSa- Navratiidva marks, the 
sponsors and as the purchasers emergence of this talented 17- 
of the 400 boxes he planned to year-old German grrl as fte ow 
build around the centre court. - force in women’s tennis — some- 

He also knew that MiamT Is' 
the third largest banking-, city ' 

in the US, behind New Yack - SlL? ' 55 
and Washington, and is also the txiara nfar-tioa, 


Yfi-Jjer *** 


totally out-played and graciously 
admitted afterwards: "Today 
she ws the best player in. the 
world, and shell stay there 


Mr Jordan January, is befa£ negSd.'S wodd te w£^ ^ 

“ gSASl ia 

the time, and the womens senes offered return for this increased com- appearances — say 16 at least winrutiriPK fund from theiT 0Wn fifth grand slam event is. prema- ment in. -the US outside fhe that may not happen, fojr qtntAt 
— i i ■— ■■ — ■ ‘ ‘b 6, ture. Certainly +K “ -»— ■ — j **. — - i — : — a - . ■” 


state governments; and there- a long time.. 



‘THE OLD architecture of soc- answer to Nostradamus — at 
cer. the grim shabbiness of the least as far as plastic was con- 
corrucated iron age, had gone cemed. Under his management. 


now. Today even the grass had 
gone. Commoners had been one 
of the last cluhs in the First 
Division to install the new plas- 
tic turf. In the summer close 
season they had dug up the old 
grass Pitch and replaced it with 
tlie new man-made wonder 
stuff, bright green and totally seemed — a 
dead.” 

Then Used to Plan on Grass, 
written by Terry Venables and 
Gordon Williams and published 
in 1971. had a clear vision of 
Britain’s footballing future. The 
English. Scottish and Irish com- 
petitions would he scrapped in 


Queen's Park Rangers ripped 
up their notorious Loftus Road 
mud-bath, and laid down a plas- 
tic nitch. 

They were followed, a little 
hesitantly, by Luton Town. 
Preston North End and Oldham 
Athletic. Then — overnight. 


Green, green grass at home 


I ^ ppears - then : «Mt many Yet ever since the novelty 


in football regard plastic as wore oii.QPR have ton 3 
clvUi “ tlo * l » despite iecled to constant carping from 

SSdffira'Sf-S" 3E? TSS«..!S« quality of 


favour of a British Cup. Hatnp- lo $l it “SSES? 
den Park would be the lersest Helped by a wave St pubflc and 


nen — overnight, it originally took the Dlun-e mid U.V. . - ‘ S™'" He savs. “Matches ^oycompiamts focus on. the *‘ uic 

further 10 clubs h a $ s plfch “ gKvTdiPni lh '‘ r and not played on them .7e tntaUy iSlen H2**SS» L,Z\..- 

JS2Z JVSSZ Hrt. '» *>''»' best to date*. SffSS' 

Brian Bollen on the growing criticism of 

plastic turf pitches used by Football 
League clubs 


from the 

secured permission to follow But just whaf”i«" 
m,it. while Peterborough of the Se y 


English fourth division and 
nimbledon of the first were 
set to apply for permission to 
do away with crass. 

Suddenly, the anti-plastic 


all-seater stadium in the 
country, and plastic would 
supercede grass as a playing 
surface. 

For 


now under threat’ 

There is no rule that says 
football must be played on grass, 
and amateurs all over the 
country play on surfaces rang- 
ing from plastic to graveL At 
the level I played soccer 


to be used more than obcfc a esrting statistic- The clab TUftidi ' 
fortnight between September gained sit home the higfaest per- 
and April It helps avoid fixture cents ge of total pohxts wop >ajr 
pile-ups West Ham United not QPR or Lofoi^ but 
might just have won the league ' ampton- Does this inean that ffieh 
The outspoken Brian Cloueh Tnw« t- .. championship if their fixtures pitch at The Dell should 

also slams plastic. “ We have to L ^fo otSl S<lUera<iing 5 0d g esUon hadn 't them dug up and a new surface la i : V- 

get these pitches out of the FT? Ir S? STSa T* * 18 ft* No two pitches- - are -al^V 

" — " - — Many complaints, focus on the ?t the end of the season. And QPR's pre-plastic mud4>ath-wr 

reinforce .customer no more suitable for footba"’ 

. .. , - ensuring that games than the English Ghana- ^ 

on grass. But the extent of this take P 136 ® “ advertised. -|, e f pr theBoat Racc.-iJ fcsC*^ ^ 

concern is. for my money, a Undersoil heating 




reflection of. the tactical ~sterT- around'f lob,00o“to mstaH. C and h J h ®i.!“ ue l of J 

I irn rtf tn a *P ■ i H oi. ... - . v * ... * • ■ ' ■ » ■_ Jl*Ki 


IS? oTpoSy t 


- ^ — .c»ci i Piavea soccer in frt>m ^runtled losers, and so. far removed from the 

Ham X prf ^ Sco.iand, we were lucky to play ^ th ners ' ,!? 0 ’ sounded off real thing that the difference is 
posal to halt the spread of on grass once a year. Indeed! How* rrf if Ve H°“ ^ uite staggering.” This from 


*» 


a ° d 00 put- sae > even Arsenal were happy breakaway Sun?r Deasnie.- ^* 0 * * 
come of duels between gargan- to accept a handout to defray which mss VmiM 

** C0St 6f instaUatl o n - ^ 

tha^o^fTJtbSing 31111051 “tt^etrable Chester United had- better -pull 

pare c " tici sm of Plastic is that it up their socks if they want to 

UlVnV^r^ 1 *- Wth ^ he ** ves home teams air unfair qaaljfy. Their own manager. 

“ i ,ea * u ®> J"*® 1 * genuine advantage. Doesn't every home Alex Ferguson, partly blamed 


arifrit- 


UreM 


•‘a it 


te??-.* 


-ss./bJSi.sssr.M s e nn r r^Sc“ n s r a “ k-s-»“i 35 i“jtk % ‘"K wo, s ■»?.**.«*,.*.**. 


- « — - ^ 


world club championship in a 


How many footballers ‘relish a club’s fourth -round cup defeat 

does have advan- visit to An field, or td Wimble- . hy Coventry. The undersofl : 

res: it can generate extra d 00 s _ ^ ou gh Lane? A look at system failed, leaving one: side 

— assAss^yts visstisitt? 


Plastic 
tages: 
revenue 



FT CROSSWORD PUZZLE No. 6,271 

CINEPHILE 

IT 


SATURDAY 


TELEVISION AND RADIO 


SSS7-t 

cc-'r- j. v* 
CSSTS .** r 1 /- 



BBC 1 


find (cates programm# 
In black and white 


a „rf ,30 ,h a - m Hu "‘» r -, a -35 Dog ten Ian 
and the Three Muskahounds. 9.00 
Saturday Siiporstorc 12.15 ptn Grand- 
stand including 12.20 Alhlatics: 1Z30 
Football Focus; 12.50 News; 1.00 
Racing from Haydock Park and Racing 
r N “?’£“ ry i 2 - 10 R Uflby; 3.55 Hall 
rimes; 4^ Rugby Union; 4.20 Bil- 
liards: 4.35 Final Score. 

5.05 News. 5.15 Regional pro- 
grammes. 5.20 Perfect Strangers. 5.45 
Jim II Fi* It. 6.20 The Urtle and 

i“^? C « Show - 6,55 Bobs Fu| I House. 
7.30 Ona By One. 8.20 Athletics from 
Indianapolis. USA— The World Indoor 
Championships. 9.55 News and Sport 
10.-IO Cagney and Lacey 11.00 Film: 

Loophole ' starring Albert Finney. 
Susannah York and Colin Blakely. 


Raoul *• starring Paul Barrel. 
Glastonbury featuring Aawad. 


1.00 


CHANNEL 4 

9 K ?. u . a,r !?. n of Economics. 
f' 50 4 ^ at He Worth. 10.20 Thk 


living Body. 10.45 The 


Television History. 11.15 The Life and 
Times of Lord Mounbatten. 12.15 pm 
laaura The Slave Girl. 12.55 Woody 
Woodpecker. 1.00 Four AmSSn 

?Kiaron 8B M‘ ^ ^ Blu * 

«.«° n - M pT ESf .r 1 *. ®™ 


BBC 2 

2 05 pm Chess Classic f2.3S Film; 

Triple Trouble " starring Bert 
Wheeler and Robert Whoolsay. 3.60 
Film: “ The Only Gama in Town.” 
starring Elizabeth Taylor. 5.40 The 
Week in the Lords. 6.20 Micro Live. 
6.50 News view. 7 JO Dance - Double 
Bill. 8.45 Saturday Review (Norman 
roster assesses the work of La 
Corbusier). 9.35 Film: " Fanny and 
Alexander (Swedish with English 
subtitles). t10.55-12.3S am - F.lm: 

Sawdust and Tinsel" (Swedish with 
English subtitles). 


"■»»- C? Breok’ 

fi 9 t» 0, B? h»*T T, i Cy h * 6 an admirer. 

6.00 Right To Repiy. 


CENTRAL 

11.00 am Misier T. 11. jp Undar the 
Mountain. 1.20 pm Knight Ridsr. Z15 
Whos tha Boas? 2.45 Perky P,g/ 
. 10 - 4 ? "Tha Daminp Prin- 
**»*•• „ awrrmg Gene Hadkmen. Can- 
dice Bergen. Richard Widmark and 
Mickey Rooney. 12J30 em "The Mean 
Machine, starring Burt Reynolds. 2.45 
Central Uve with Mika Tyson: World 
Heavyweight title fight from Vegas, be- 

uuoi n «^ C ? ham P ion Mrke Tyson and 
wha Champion James "Bonecruaher" 
Smith. 4,30-6.55 am Central JobRnder 







6-30 Speed 


Chess Challenge. 7.00 News Summara 

^i° ute \ \ST‘ 7-30 John W0Dds 

tSOOThk oJ B P, ° neora a« Social isnf. 
T9. 00 The Power Game. 10.00 Satur- 

”p y r.„hT o I 1 '-! 5 A,DS Bn «f- 11.20 

Private Road. starring Susan Pen- 
“ Red uaa.” 


haligon. 1.05 am 


S4C WALES 

’°- 30 I ■«*» Union Wortd. II.00 A 
Week in Politica. 11.45 What The 

v.ii" ir^ F «wre Film: "The Painted 
Veil (Grata Garbo stars). 2100 Rybui 

S? d0 J- t4 « Feature 
_C.pt„ n Boyconj 6.00 Right To 
BJO Speed Chess Challenge. 
March Of Time. 7,30 


Prises of £10 each for the first five correct solutions opened. Solutions 
/ tw? 2 * V% i 2 sdav ' m ^ rked Crossword on t he envelope, to 


1° Canton 

aaiuraay. 


ACROSS 

1 Carvings are used to mate 
steel ( 11 ) 

38 “The cradle of the deep”? 
(3-8) 

9 Sweetheart getting 
coat from daddy? ( 5 ) 


17 Helen’s husband puls beer 
up in tariffs (8) 

19 Attempted deceit; saw if it 
fitted (542) 

28 Go astray with little Edith, 
indeffaitely (4 3) 


10 Dog with appeila^ docked g fSSfta?** " ® 


crowd— 


(9) 

11 Rallying-cry for 
what’s wrong? ffl) 

12 Heathen god accepting silver 
(5) 

13 Demoralised by what snake 
did? (7) 

15 and IS Variants on teas and 
stew that won't meet, more or 
less aptly placed (4 and 4) 

39 Sigh — Sunday must start with 
high church feature (7) 

23 22 yard series? (5) 

24 Yeats’s late isle, where the 
pub doesn’t charge? (9) 

28 Wild herd with journalist in 
flagrante delicto (3-6) 

27 Extremist in disgraceful traf- 
fic (5) 

28 See 7 across 

29 A number of other varied 
authorisations induce 
pease ( 11 ) 


power and per- 
formed (6) 

25 Shout vague direction, more 
or less aptly placed (5) 


Solution to Prate No. 6£7B 



Solution and Winners of 
Pttxde No. U65 


DOWN 

1 Basket-making, perhaps: do it 
too fast? (4,4) 

2 Do nothing: have contracted 
to gain access to point (8) 

3 Point of thorn, more or less 
aptly placed (5) 

4 Husband deceived by Urban 
District clock? (7) 

5 Shorten a passage (7) 

9 Aim at jobs that are upright? 
(4^^9 

7 Fodder I left amid herb (0) 

8 Having enthusiasm for study 
in painting (6) 

14 Prepare an ambush for false- 



LONDON 

6.55 am TV- am Breakfast Pro- 
gramme. 9.26 No 73. 11.00 Tha Out- 
siders. 12.00 News. 12.06 pm Saint & 
Greavsia. 12.30 Wrestling. 1.J» Chips. 
2.15 Comedy Classic: Plejse Sir! f2.50 

Crash Dive " starring Tyrone Power, 
Dane Andrews and Anna Baxter. 4.45 
Result* Service. 5.00 News. 5.05 Walt 
Disney Presents. 5.16 Connections. 

5.45 The A-Team. G.45 Bobby 
Davro's TV Weekly. 7.15 Me & My 
Giri. 7.4E The Price Is Right 8.45 
New* and Sport. 9.00 Big Fight 
Preview. 9.06 Aspe! & Company. 9'.50 
World Championship Boxing— tennis 
Andries (GB) v Tommy Hearns (US). 
10.40 LWT News Headlines followed 
by The Big Match. 11.25 - Eating 


Reply. 

7.00 The 
Newyddion. 

A = E ~"'- 

10.35 Ask Dr Ruth. 

Film: "Persona.” 


10.05 E.R. 
11.05 Feature 


• IBA "S-- - ten*" except h 
the following times: — 


ANGLIA 

G J? Pm Tha Fell 

10 45 n- ° 0n - B 5llS busters. 

G.« ^ckm,T° 

Ri^rd Widmark and M.ekey H?oney! 
1Z30 am Tha Call Of The Cloiaier. 


border 

Soiderwoman. 17.30 Mr 


ilm; "Domino Principle/* irar- 

ZSriZ*—- Bergman. 

Richard Widmark and Mieksy Rooney. 


CHANNEL 

11.10 mi Tartan. 11.59 Today's 
Weather. 1.20 pm Rallycress. 1.50 
Diff rent Strokes. 2.45 Cartoon. 5.15 
Blockbusters. TMO ‘The Domino 
Principle. 12 JO The icicle Works — 
Seven Horses Deep. 

GRAMPIAN 

H .00 am UFO. 1J0 pm Sguash- 
Scottish Open Championship. 2.45 
Cartoon. 5.15 Blockbusters. 10.40 
Feature Film: "The Domino Principle" 
starring Gene Hackman. Candice Bar- 
gen. Richard Widmark and Mickey 
Rooney. 12.30 am Reflections. 

GRANADA 

11.05 am The Greatest American 
Hero. 1J0 pm UFO. It's husky as an 
astronaut. 2.15 Pt/nky Browater. 245 
« -H? ek L 10 -* Big Metch. 
TJJS The Domino Principle." atarring 
Gene Hackman. 1.25 am "The Mean 
Machine, starring Burt Reynolds. 3.30 
World Championship Boxing: Mika Ty- 
son (WBC Champion) v. James 
Bonecruaher" Smith (WBA Cham- 
pmn), 

HTV 

11.00 UFO. 1.57 HTV News. 1.20 
pm The Fall Guy. 2.45 Porky Pin/ 
Daffy Duck. 10.40 "The Domino Prln- 
ciple. ' starring Gene Heckman. Can- 
dice Bergen. Mickey Rooney and 
Richard Widmark. 

SCOTTISH 

11.00 m Fit aba 11 XL5. 11.25 Crys- 
rel Tip pa end Alia t hi r. 11.3a The 
Smurfs. 1.20 pm Squash (Scottish 
Open Squash Championship) . 2.45 



The Life and Times 
of Lord Mountbatten 
C4, 11.15 am 


TVS 

11-00 «rn Taram. TVS 

WBather. 1.20 pm- Ranycroaa (Shall 
Oil British Opfcn). 1J0 Diff 'rant 
Strokes. Z.4S Daffy Duck. 5.75 Block- 
bustara. 10^0 "The Domino Prin- 
c ple. starring Gene Hackman, Can- 
dlce Bergen and Richard Widmark. 
12.30 am The Iclcla Works, 1.15 am 
Company. 

TYNE TEES 

T1JW em UFO. 11JS LMkomund. 
1.20 pm Tucker's Witch. ZAB Cartoon 
Time. 11.40 "The Domino Principle,”' 
starting Gene Hackman, Candice Ber- 
gen. Richard .Widmark and Mickey 
Rooney. 1*35 am Poetry' pf th ; 
People. 

ULSTER 

11.00 am Tha Outsiders. T1.5B 
Lunchtime New*. 1.20 pm UFO 245 
Daffy Duck. 4.55 Sports Results. 5.03 
Ulster News. 8.57 Ulster News. 10.40 
Feature Rim: ” The Domino Principle " 
starring Gene Hackman. 12J0 am News 
at Bqdt'Rie. 

YORKSHIRE 

11.00 am Tartan. 1J» pm S core- 
C J°? Xf«g. 2.45 Porky 1W 

Deffy Duck. 1040 "The Domino Prm- 
dole (Gene Hackman stare). 12J0 
am Jobfindsr. 


- 

fe=^«r-V. 


Stdreo Release. 11JS Cfmmiaiui 
Omheatre (12.00 Int.re.l iSSK 

1 - t ? R ««ln9reA; : a“d 
Scarfarti. .{Harpsichord recital'by 
Robert Woolley). I^ Brirten (Varia- 
Si " *""• 1 V RridgeirPrbkoflav 
(Symphony No. 2). 3.0s South tfaca. - , 

Critics Forum. 6.35 The Organ one tea •. * ' 
,"' 05 ^ nd 7 1 Guilnwnt pfayvd by- 
Christopher Herrick..- 7.® "W* ^ Frau ' 
Ohno Schatien." opera by Strauss sun's 
in German and conducted by JCeri .: 
® oh !T / a i ®? 1S - fl-i5-9-». WiFfci 
Reading), mao Ardinf String Odette*' 

Berg (Quartet Op 3). Dutllleux Wfe .; 
la nult). Ligeti (Querret No 'Tf. ■ Tftin 
Maw* ® srBTM,t * B ,n B minor. 11 . • 








BBC RADIO 4 


:‘-.cr 


Daffy Duck. 5.15 Blockbustara. 10.40 
Feature Film: " The Dnntino Pnneiple.” 
Starring Gene Hackman. Richard Wld- 
Lala Caff M,cfe °F Rooney. 12.30 am 


TSW 

a il'S° -m Honeybun’e Magic 

Birthday*. 11.03 Chips. 11.57 TSW 
New*. 1-20 pm Fisheries New*. 1.35 
Walt Disney Presents. 1.45 Dirrant 
Stroku^ 2.15 Ballemy on Top or tha 
worid. 5.05 NawsporL 5.10 Block- 
busiara. 5.40 Qua Honeybun’e Magic 
Birthdays. 10.40 Feature Film: "The 
Domino . Principle." starring Gene 
Richard 

ES^****-* tZ30 m 


Stereo on VHP 
BBC RADIO Z 

8.05 am David Jacobs. 11.00 Sound* 
of The 80s. 11.00 Album Time. 1.00 
pm Pull the Other One. 1.30 Sport 
on 2 including Rugby Union. Football 
Racing from Haydock Park. Boxing and 
at 5.00 Sports Round-up. 6.00 I'm 
■JT 1 Haven't a Clue. 6.30 Cider 
'N' Song. 7.00 The Conch Quia. 7.30 
5aoana - *■» String Sound. 
10.00 Big Fight Special: WBC Light 
Heavyweight Championship of jj, e 
Worid. Dennis Andreis v. Thomas 
Hitman Hearns. 11.00 Martin KeJnor 
Homing VHF). 12.00 Night Owls with 
Dav# Gaily. 1.00 Bill Rannella pre-- 
santa Niqhtrida. 3.00-4.00 A Littia 
Ntahz Musi c. 

BBC RADIO. 3 

N.^2* 7 ' 0S Aubado. 9.00 

News. 9.05 Record Review. 10.15 


7.00 am Today. 9.00 News. 7*V 
5pon on 4. 9 JO Breakaway. 

News: Loose End* with Ned S.iven'.'- 
«md q wests. 11.0a The We«k (n . 
minster. A personal review 

*"? k Wlril Pmr Wfc'r 
Political Editor the. nf Finenei.».-jflS«. - 

-7°™ °" r Own Coiraapiindan> 

11.55 Tha Weekend on 4. I2.0s fte*i» 

Money Box 

(S). 12.55 

i»sr q SX£L Shi P^ng fore- 
tore n °i ly * p oweira His- , , 

11,(9 *■)- /w'sSfcHl ni 


«. •» - 


* Vl " 


W 1 '*' 


on *■ 12.00 Hew* ;. 1 ■«: . 

12^7 pm The Naw* th/»r I . " ' 

; Waethar -1.00 NeweL^ 1:10 I Jl!v -f 

rana? 1£$ Shiooino fori- • I - 

L X 




« The AAAS. 

5.00 The Living World. B.arilliiik 

Waathan Travel. 6^10 Na w,; 

S2TL.** s,op ^ *wS 

.JJNW ItobmwH. 7.OO SaVuriSy. 

JHght Theerre (S). B ., 5 ^ 

IS w r ' ^ ™ to Ten fS): 
9-58 Weather. 1fu» News, tom b- . 

Saturday Feature (Sj: 10,45 'Mirerf 
Metefordea. 11.00 Big Jhj!Zn!ri£i 
Rgaro Club. 11J0 Cfiffhanger. VLOO- 
12.15 ■ am Newa. .••• . . 






fe.::' 



Mr T. Coulson, London; Miss 

hani< - _ . . P Mathew, Poole, Dorset; Mr P. 

earoi-fflngCT, poss- Schwarz, Brookhouse, Lancs; 

Mr A. Scott, Wick, Caithness; Mr 


ibly (&S.4) 

A. Tettenborn, Hornsea, Hum- 
hrattaer title tl jjenide, 

r 'f.-nnijr 


tlrrdicatea programme 
In block and whits 

BBC 1 

8.55 am Play School. 9.15 Signs of 

Hope. 10.00 Asian Magaune. 10.30 
Take Nobody's Word For It. 10.55 
Buongiorno italial 11.20 Lyn Marshall's 
fTO*? HJ» Parent Programme. 

11.45 Talaioumel. 12.10 pm Sign 
Exira. 12J5 Farming. 12.58 Weather 
lor farmers. 1.00 This Week Next 
Week. 2.00 EaatEndera. 3.00 Match 
Of the Day Uve: Watford v Everton. 

4.55 Tom and Jarry. 5.05 The 
Muppat Show. 530 Antiques Road- 
ahow. 6.15 You in Mind. 0J5 News 

,40 Songs of Praise. 7.15 Last of 
tha Summer Wine. 7.45 Athletics Trum 
Indianapolis USA. 8.40 The District 
Nurse. 9.30 News. 9.45 That’s Lifel 
10.30 Heart of the Matter. 11.05 The 
Worid of UB40. 11J5 Simon King s 

Country Diary. 

BBC 2 

2.00 pm Rugby Special. t3.00 Film: 
Mr Blendings builds his Dream House 
starring Cary Grant and Myma Loy. 

4 30 Music in Camara. 5.15 Thinking 
Aloud. 6.00 Ski Sunday. 6.30 The 
Money Programme. 7.15 On the House. 
7.4S The Firot Eden. 9.40 Darts. 9.20 
Did You Sea. 10.00 Monarilox Pro- 
fessional Billiards Championship. 10.30 
Screen Two: "Inappropriate Behaviour." 
11.50-12.25 am Daru. 


Smnrfa^ 130 Getting On. 2.00 LWT 
Headlines, followed by Encounter. 
4.00 Hana Christian ArtHanan — 


Hana Ch nation Andorsen. 

?m r,n B-.i Danny 4J0 Supe reran. 

c'S Bellamy on Top of the World. 

Shiv aw y l T’elaviaron 

Ifc., 8 :? N . 8W • , John 

* S U- ? pp ** 1 * behalf of BREAK. 

?° y ' - 7 ' ,S - Catchphrase. 7.45 
aurpnaa Surprise. 8.45 Crazy Lika a 
r0 0 ° ClivITjemaa o^ 
Televtaion. 10.30 The South Bank 

Sr^ad ’J-*- h™. 2™ »*w*22 

Followed by End of Empire. 


starring Burgess Meredith and Klaron 
Moore. 


LONDON 

6.65 am TV-am Breakfast Programme. 
9.35 Wake Up London. 9.30 World 
Championship Boxing— The WBC/WBA 
Heavywaiqht Chsmoionahip — Mike 
Tyson (US) v James "Bonecfiisher” 
Smith fUS) 10.30 No 73. 11.00 Morn, 
mg Worship. . . . i 1-45 Th(| 0|fJ 

Testament m Art. 12.00 Waaksnd 


CHANNEL 4 

9-25 am Sunday East followed by 
Deawaram. 10.00 am The World This 
SK, Worael Gummidge. 11.30 
The Waltona. 12.30 pm The Tube. 2.00 

Bm^Lvn SL3 ^ I Angela” (stars 

,} y °? * n,, Jean HartowJ. 4.45 
Worid of Animation. 5.00 Robinson 

bv U ThT r 5 ' 30 N * w l Summary (ollawed 
by The Business Programme. 6. IS 
Badminton: The British Airways Mas- 

* v' i 7 i?®. Th * Wort,, et War. 8,15 
VV with Hank Wangford. 
T9. IS Armchair Theatre. T10.20 ■'Love 
Narai » h *uu Pr 2 POr Stranger" starring 

tw in -r and Ste,,e McQueen! 

T12.10 am The Twilight Zona. 


S4C WALES 

9.00 am Haloc. ia00 The Wnrlri 

■MM Th 9 ’uu ” ,W WorzeI Gummidge. 
J2- 3 ® T ^° Waltons. 12.30 pm The Tube. 
T2.00 Feature film: "All Through the 

Dm' 5 30 °t£’ U r aflBnT, * nn - 5.00 7 
B n nerfi? .^ 0 ^*' n l s * P'cvnimma. 
6.15 Badminton: The British Airways 
Masters 7.15 WH Cwac Cwac. ^ 

a c, ‘» Gan. 

8 00 Pobl y Cwn. 8-30 Dechrau Canu, 

Dechrsu Canmol. 9.00 Gwlad Yb Dvfifo 
World. WfaliMTriiiS;,it. , !5W l * tW.» 




till 


Mine Own Executioner.' 

. i 


IBA Regions as London 
except at the- following times:— 

ANGLIA 

9.2S am Cartoon, fl.00 pm The 
Beverly Hillbillies. 1.26 Weather 
Trends. 1.30 Farming Diary. 12.30 am 
The Last Book. 

BORDER 

c S - 25 “I> Diary. 1.00 pm 

Farming Outlook. 4.20 Walt Disney. 

CENTRAL 

9JS am Big Fight Result. 9.35 The 
Six Million Dollar Man. 1.00 pm 
Gening On. 1.30 Here And Now. 

1130 am Central Jobhnder '87. 

CHANNEL 

9.2S am Today's Weather. 9.26 
Starting Point. 1.00 pm Les Francala 

rin iuT'n- 1-30 .. Enla, Prise South. 

1 ° ,8 "fY Prownta. 6.2G Chan, 
nal News Headlines. 

GRAMPIAN 

9.25 am Cartoon. 11.00 Recollec- 
j'ona (Pamela Hayes). 11.30 A Full 
L.le (Julian Bream). 1.00 pm Farming 
Outlook. 1.30 Face The Presa. 2.30 
Scarecrow and Mrs King. 3.30 Bulla- 

w!^ 4 '?™ B c ,mv on Ta0 01 lh * 

World. 4.30 Suoergran. 5.00 5co»pon. 

'J™ . m Co ”J 8rs . Arena. Falkirk. 

12.30 am Retlactions. 

GRANADA 

9.25 am Big Fight Results. 9.3E Tha 
Arhrenture, 0 I Little Lord F ai iruleroy. 

1.00 pm Mamberi Only. 1,05 a, d v.. 
Hak.riO Wish You Were Here ? 

i"™ 5 , 'i,:™ B ‘ ahi - "■» 

HTV 

8.2B wn Ms* TH* 2000 Vasr Old • .*.* 
Mouse. 1X0 pm West Country Farm- finder. 


=3 15STL12 tor 


SCOTTISH 

cJSL - Adventures. 11.25 

Cartoon. 11JD Farming Outlook 

joo Tm2 a SSJ£*&' s igni 

w- 

TSW 

9.25 am Look And See. ij» nm 

VZJ <3Ua ], W, ‘ k - 1-30 famSS 

4 Hnneybun's Magic 

Birthdays. 4JW Gardens For All. SJOO 
Supergran. 0^5 TSW News. 12JS em 
Postacupt Postbag. 

TVS 


. ®-35 am Employment Action. 1,0c am 
Agenda- 1J0 Entarprise South. 6JS 
TVS News. 12.30 am Company. 
TtNE TEES 


9.2S am Morning Glory, 1.00 pm 
Fanmnq Outlook. 1 JO Face Tha Pren 
Good,, °lL chairman of 

)Srfc£*3St £ !Sf 
EES,. 6 00 Bun ” y '- 12J0 *» 

ULSTER 

9JS am Carroon Time. 12.B8 nm 
Lunchtim. N.w, ll00 Gattino gn. 
If 0 .Advice With Anne Hailes. 1.68 
Farming Weather. 4.20 Cartoon. BJ8 
Ulsrtr News. 8.46 Sing Out. 9 15 Tha 

SSPJZL. r 9 -®T U *«« Nam! 

At^ednme ,,#rtB f,BBU,,s ' «■» New. 

YORKSHIRE 

9.25 am Cartoon Time. 1,00 nm 
GeFting On. 1.26 Farming Dlery. 
12-30 am Fiva Minutes. 12-35 Job- 


Stereo on VHF 

BBC RADIO 2 

*™ R ofl«r Royto says Good 

?OB n Ntolodi« d r r Clift 

Cemin^m^ i°rI» V ° U ' 11D0 0 «"iMd 
cemngton. 1.00 pm TmU*,,. »_ 

Denny Kayo. _2.00 Benny 

Magic. 


. P m Tribute to 

Atan'Dali. 4.ro°BuSk y -^ 300 


Simple ROo'chirii! 


I 


T«i* t !r With , your Sunday Soapbox 8 

S^w ^ 601(1 Mufi 

Show. 7-30 Operetta Nights s « 

tha piano. 11 J» Sounds of Ju 
Tony Rusaall. 1J» am Bill Renn^ 

asrsjs^ ? ss 

BBC RADIO 3 

7.00 am News. 7.05 Wakn u. T _ 

K, nI W0 ^ S>rv '“ Haws. 8.10 

Prlmo E -Secorrdo. 8.00 Neim one 
Your Concert Choice. 1 oSP'm!£! 
Weekly. 11.1S Kurt Who 
radial. PodIwic, Faurt, Mbmibiui 
12.15 pm From The Proms SB. B*o“: 
ner fChnaius factua ast: Virga Jesse 
— aung by BBC SLngara): (1i2S Inter- 
val Reading): 12J30 Bruckner (Sym- 
phony No 5). 1.50 Musical Tunes 


harmonla. Concert .from - the 


fSymphony No 3). 8.10 The StaSte-} ' 
Rwolutlon. _ 830 Concert. f 


*•> - 


Shorakovich 

wini Pater Donohoe> r . 
and Juliet, excerpts). 

Guitar. 10.00 Sounds 1 

ftart 0r =h«tra: -j- c i 

(Wlndaaf ” V 0nnox Betkercy 

iwitodaar Venetiona). njj,ja.oo 

BBC RADIO 4 * * f 

7.1S°^r, Swld «Y 1 1 1 ^ - 2 t 

News bio Tf »vel, ,8.00 II L ‘Ov- 

WMk : .*'r?L5 U, ^ 8V p »m«- 8.60 The 1 V. ^5 

iw “'ll *£ II ^ •. * ' • 5a 

from America ■ hv ' aUafeir •* 


-- - T* 1 ® Archers (Omnibus — ' 




Discs (SI.-, 124» 


Wmld Thi, 1 

c.iiS^saaawE: -tl 


Lord of J me - tto'-ra. 

Wat.° / & ,MP U-rary 


»<• ».»M Mostcai Timea ; oramm. ’ nmm »: «"• Food' 'Ftp* 

f?.". 1 : . ^I 0 C8SO . wind Ensemble j *1^, ' • 

Way s *?' eTl* v, ! , • 5 0 * Oown' YOvr 
Weathaf 8 forecast. • S35 1 

N#wa - 8;TS ftmUwet i 
• * , °* rt, ® r Ounkley waft* aomronu ' 


. I. 


J 


.1 .,,L _ 


Mozart (Serenade. K 361): (3.00 Intar- 
v*l . Reading); 3.05. Stravinsky (Sym- 
phonies of wind instruments)!- Grainger J 
(a Lincolnshire, poay). 3.40 Orehestrit 
Hands); 4.15 SziatostaY Richter (mono) 
piano .recital (ram. the- '4966: Aideburah 
Festival: Mozart." Tchaikovsky: (4 Al.'. 
Interval Reading): 'AJBS Rachmaninov. 
Scriabin. Prokofiev. '630 TheJesmtS.. 
6.15 " It Priqloniara." Prologue and eri 
act, by Dallapiccola, aung in Italian.' 
7.10 r 
fnuth) 


gg^^rSSafg-.';] 

by Dick c Chr, . Bt - 8 00 Nawsj. prom ( 

■t. oy vsnapiccoia. aung in itausn. | nowb to itn. , Travel, -. 50 V> ^ 
10 Bliaa (story by Barbara Frisch'. } 11 00' gT'j. Sunday Feature -(51- * 
uth). 7J0 Svctlanoy and the Phil. ComnJX ? ^ 



Committee. 12 . 00 .lii 6 ISmm. 



' r f